Group buys
Waikiki complex

Lehman Brothers sells the 2100 Kalakaua center
to a group including New York-based Metropole

A group headed by a New York-based developer of high-end retail properties has acquired the upscale 2100 Kalakaua retail complex in Waikiki.

The group, which includes Metropole Realty Advisors Inc., purchased the three-story center from a unit of Lehman Brothers Holding Inc., said Xavier Sheid, a former member of the project's development team at Lehman Brothers.

Sheid declined to disclose the terms of the transaction, which was completed last month. But real estate sources said the property sold for more than $150 million.

Metropole listed the 2100 Kalakaua deal on its Web site as one of its top transactions during 2004 but did not provide details. Metropole also listed itself on the property's Web site as the project's manager and leasing agent.

Robert Siegel, Metropole's chief executive officer, could not be reached for comment.

Tom Applegate, president of the Honu Group, which developed the project, did not return calls.

Completed in 2002, 2001 Kalakaua is at the Ewa end of Waikiki next to the King Kalakaua Plaza complex, which also was developed by Honu Group. Tenants include luxury boutiques such as Chanel, Gucci, Tiffany & Co. and Yves Saint Laurent.

On its Web site, Metropole said the center's tenants command some of the highest sales per square foot of any of their locations.