FOR SALE | FEE SIMPLE | $2 ,800,000

1100 ALAKEASUITE 1600

6,391 SF Class A Office Space

Affiliated Business DisclosureCBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities manage-ment, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Mem-orandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a man-ner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

Confidentiality AgreementYour receipt of this Memorandum constitutes your acknowledge-ment that (i) it is a confidential Memorandum solely for your lim-ited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its con-tents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DisclaimerThis Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective inves-tors may require to evaluate a purchase of the Property. The in-formation contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for ac-curacy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warran-ty of any kind. Such information includes estimates based on for-ward-looking assumptions relating to the general economy, mar-ket conditions, competition and other factors which are subject to uncertainty and may not represent the current or future perfor-mance of the Property. All references to acreages, square foot-ages, and other measurements are approximations. This Memo-randum describes certain documents, including leases and other materials, in summary form. These summaries may not be com-plete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMO-RANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or with-out notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

© 2018 CBRE, Inc. All Rights Reserved.

CONTACT:

Andrew D. ReendersVice President

andrew.reenders@cbre.com+1 808 541 5146Lic. RB-21784

C. Kalani Schrader Executive Vice President

kalani.schrader@cbre.com+1 808 541 5117 Lic. RS-44070

TABLE OFCONTENTS:

1 Executive Summary

2 Investment Highlights

3 Property Details

4 State of Hawaii Overview

EXECUTIVE SUMMARY

CBRE, Inc. is pleased to present a wonderful opportunity to own a fee-simple office condominium in the centrally located and highly desirous Alakea Corporate Tower. The offering consists of a full floor of approximately 6,391 square feet of rentable area with 12 secured onsite parking stalls. Alakea Corporate Tower was constructed in 1993 and has some of the highest levels of finishes within competitive office towers. The building is located on the upper end of Alakea Street, and can be easily accessed via Adams lane (private driveway), minimizing commute times in to and out of the central business district. The property features 6 levels of subterranean parking with direct access to the mezzanine level of the property, and is fully secured. The 16th floor offers panoramic city, ocean and mountain views. The full floor is currently demised into 5 separate offices suites, the largest being 3,590 square feet.

The downtown Honolulu office market is beginning to experience a significant tightening in the marketplace as several office buildings are be-ing eyed as conversion opportunities to either residential or hospitality use. Vacancy is anticipated to drop into single digits, which will lead to a rise in rental rates, and significantly less concessions for tenants. The opportunity presents itself to own and occupy all or a portion of your own Class A office space, or lease out the remaining space and offset occupancy costs.

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INVESTMENT HIGHLIGHTS

• Fully built out office space in-move-in ready condition, occupy all or a portion of the floor, while leasing out the balance of the premises helping to offset costs.

• Unique Opportunity to own your own office space in the only Fee Simple, Class A office building in downtown Honolulu

• Supply Constrained market – no new office buildings being considered, or to be condominiumized for fee simple ownership

• Below Replacement Cost - It is estimated that to build a new office building in Honolulu would cost in excess of $500 per square foot.

• Tightening market – there are a number of office building owners looking to repurpose existing inventory into alternative uses including hospitality and residential use. This would create significant new pressure into the office market not seen in over a decade.

CLICK TO VIEW PROPERTY VIDEO

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PROPERTY DETAILS

PRICE $2,800,000

SIZE 6,391 Rentable Square Feet

TMK (1) 2-1-10-5-31 and 32

TENURE: Fee Simple

YEAR BUILT: 1993

ZONING: BMX-4

FLOOD ZONE: X

PARKING STALLS: (12 total) 376, 379, 422, 423, 424, 439 tandem, 440 tandem, 474 tandem, 475 tandem, 602, 603, 606

REAL PROPERTY TAX: $28,508.84 (annually) $2,375.73 (monthly) $0.38 (p/SF/month)

AOAO FEE: $73,109 (annually) $6,092.45 (monthly) $0.98 (p/SF/month)

COMMON INTEREST: 3.3598%

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KAUAICOUNTY

KAUAI

NIIHAU

OAHU

MAUI

BIG ISLAND

KAHOOLAWE

LANAI

MOLOKAIHONOLULUCOUNTY

MAUICOUNTY

HAWAIICOUNTY

OAHU

1100 ALAKEA ST

Page 7

H1

1100 ALAKEA STBISHOP S

TRIC

HARDS ST

ALAKEA ST

S KING ST

ALA MOANA BLVD

S BERETANIA ST

S VINEYARD BLVD

NUUANU AVE

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RENT ROLL FLOOR PLAN

TENANT RSF

EAS 3,590

SPACE 1 248

SPACE 2 318

SPACE 3 662

SPACE 4 1,372

COMMON 1,579

TOTAL 6,190*

* Sizes above may vary from condominium documents

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STATE OF HAWAII OVERVIEW

Hawaii is an archipelago consisting of eight major islands. The capital of the State of Hawaii is Honolulu, which is located on the island of Oahu. The state’s spectacular natural beauty and mild 80 degree Fahrenheit year-round climate make Hawaii one of the few resort destinations in the world that functions 365 days per year. Hawaii has the best air quality in the nation, the world’s purest fresh-water sources, and its residents enjoy the longest life expectancy in the U.S.

Hawaii is considered one of the most attractive regions in the country from a quality of-life perspective. Not only does it boast world-famous beaches and a temperate climate, but Hawaii also has a vibrant and diverse economy with numerous employment opportunities, making it an extremely attractive place to live and invest. Known as the “Crossroads of the Pacific,” Hawaii is ideally positioned, benefiting from international trade between the Pacific Rim countries and the United States. Direct flights from Hawaii to major U.S. and Canadian cities, as well as Pacific Rim countries, make travel to and from the islands extremely convenient. With 80% of all goods arriving in the state via containerized shipping, Hawaii’s ports provide modern, efficient facilities to handle the significant tonnage that is regularly offloaded and moved throughout the state.

Of Hawaii’s 9.4 million (2017) tourists, 6.2 million visit from the U.S. mainland. A further 1.96 million visitors are from Asia with the biggest group being the 1.5 million Japanese tourists who predominately visit Waikiki. The Chinese, Korean, and Japanese visitors boast the highest per person per day spending. Hawaii’s gross domestic product as of 2017 was $88.4 billion. The two largest components of revenue within the state are government spending at $17.6 billion and the real estate industry at $17.9 billion.

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Hawaii’s population is currently estimated at 1.46 million, representing growth of 7% since the 2010 census. The estimated number of households is 478,995, which is expected to grow steadily by 0.71% over the next five years. Household income is estimated at $99,077, with 44.8% of earnings totaling more than $50,000. The average age of residents is 39.45 years.

1,461,211POPULATION

White (24.8%)Black (2.3%)

Asian (36.6%)Pacific Islander (9.9%)

Other (25.6%)

STATE OF HAWAII

478,995HOUSEHOLDS

$99,077AVERAGE HH INCOME

$689,699AVERAGE HOME VALUE

46,584BUSINESSES

657,270EMPLOYEES

1,018,835EDUCATION (AGES 25+)

High School (25.9%)Some College (21.3%)

Bachelors Degree (21.9%)Graduate+ (10.6%)

1,014,186POPULATION

White (21.3%)Black (2.9%)

Asian (41.7%)Pacific Islander (9.2%)

Other (24.0%)

ISLAND OF OAHU

323,646HOUSEHOLDS

$104,210AVERAGE HH INCOME

$751,114AVERAGE HOME VALUE

29,480BUSINESSES

463,215EMPLOYEES

703,922EDUCATION (AGES 25+)

High School (24.2%)Some College (20.7%)

Bachelors Degree (23.1%)Graduate+ (11.3%)

STATE DEMOGRAPHICS

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OAHU OFFICE MARKET OVERVIEW

Downtown vacancy rates have increased consistently in recent years, but the area rebounded in Q4 2018 with positive net absorption and declining vacancy. Numbers could soon be changing in Downtown heading into the new year with discussion of potential building conversions to alternative uses. The amount of space slated for conversion and the subsequent impact of such conversions on market dynamics have already prompted tenant moves.

The overall Hawaii office market showed signs of positivity in the 4th quarter of 2018. The vacancy rate on Oahu decreased 160 basis points (bps) from 15.3% in Q3 to 13.7% in Q4, which is the lowest vacancy rate for Oahu since 2010. Kapiolani had the largest decrease in vacancy of any submarket, down 390 bps to 11.6%. Following just behind Kapiolani was the Downtown submarket with a 380 bps decrease in vacancy from 19.3% in Q3 to 17.5% in Q4. Both gross asking rates and operating expenses increased $0.01 to $2.97 and $1.43, respectively.

On Oahu’s westside, Kaiser Permanente recently announced plans to build a 40,000-sq.-ft. medical office building situated on a 5.3-acre BMX-3 zoned lot in Kapolei. The reported cost of the new medical office building is $60 million with construction projected to be completed in 2021. The new medical building will provide Kaiser members in West Oahu with greater access to medical care and services.

Employment growth in Hawaii slowed in the second half of 2018. The unemployment rate for October was 2.3%, up slightly from the record low 2% in May. Continued low unemployment could potentially impact job growth and in turn softening the demand for office space.

Figure 1: Gross Asking Rates

Source: CBRE Research, Q4 2018.

2.50

2.75

3.00

3.25

3.50

Q4 2015 Q2 2016Q 4 2016Q 2 2017Q 4 2017Q 2 2018Q 4 2018

Downtown (CBD)Honolulu Metro Suburban

Figure 2: Office Job Growth

Source: DBEDT, 2018.

(15)

(10)

(5)

0

5

10

100

105

110

120

115

125

2007 2009 2011 2013 2015 2017

(%)(000's) # Office Jobs % of Change

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LEASE RATES

Both average gross asking rates and operating expenses were virtually unchanged from Q3 to Q4. Average gross asking rates and operating expenses each rose by $0.01. Gross asking rates rose to $2.97 and operating expenses rose to $1.43. Waikiki and West Oahu tied for the largest increases since last quarter both increasing $0.50 to $3.83 and $3.86, respectively. East Oahu and Central Oahu tied for the largest decreases since last quarter dropping to $3.77 and $3.65, respectively.

Figure 3: CAM and Asking Rates

Source: CBRE Research, Q4 2018.

12.513.013.514.014.515.015.516.0

0.00

1.00

2.00

3.00

4.00

5.00

Q42016

Q12016

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

(%)($) Net Asking Rent ($) Op. Expense ($) % Vacant

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NET ABSORPTION

Absorption was positive on Oahu for two consecutive quarters for the first time since 2016. The Kapiolani submarket gained a significant amount of space in Q4 with 104,376 sq. ft. of absorption, mainly attributed to Hawaii Pacific University’s occupancy at Waterfront Plaza. A large tenant occupying City Financial Tower in the Downtown submarket added 59,143 sq. ft. of net absorption.

Figure 4: Historical Net Absorption (Sq. Ft.)g p ( q )

(100)

(50)

0

50

100

150

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

(000's) Honolulu Metro Downtown (CBD) Suburban

1100 ALAKEA ST

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VACANCY & AVAILABILITY

Office vacancy decreased 160 bps to 13.7% in Q4, which is the lowest office vacancy rate since 2013. After reaching an all-time high last quarter, vacancy in Downtown dropped 180 bps from 19.3% to 17.5%, but still ranked as the highest submarket vacancy. Impending building conversions are likely to change Downtown vacancy numbers going forward and could potentially change the landscape of the Downtown office market.

Figure 5: Submarket Vacancy Rates (%)

Source: CBRE Research, Q4 2018.

05 10 15 20

East OahuEast Honolulu

WindwardWest Honolulu

WaikikiCentral Oahu

KapiolaniWest Oahu

Downtown (CBD)

(%)

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© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accu-racy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited. AR:JS_1100Alakea_Suite1600_03.01.19

Andrew D. ReendersVice President

andrew.reenders@cbre.com+1 808 541 5146Lic. RB-21784

C. Kalani Schrader Executive Vice President

kalani.schrader@cbre.com+1 808 541 5117 Lic. RS-44070