BancWest finishes headquarters deal

By Andrew Gomes
Advertiser Staff Writer

BancWest, the parent company of First Hawaiian Bank, said earlier this year that it would purchase the First Hawaiian Center rather than extend its lease. BancWest had been leasing the building for $13.8 million a year. Advertiser library photo • May 8, 2001

BancWest, which had been leasing First Hawaiian Center for $13.8 million a year, earlier this year said it would buy the building instead of extending its lease with Refirst Inc.

Refirst is a special purpose entity set up in 1993 by Toledo, Ohio-based automotive industry supply giant Dana Corp. to finance, build and own the tower for First Hawaiian Inc., which later merged with Bank of the West. First Hawaiian Inc. became owned by French bank BNP Paribas and known as BancWest.

BancWest said it paid cash for the high-rise at King and Bishop streets, and expects to save money in the long term by owning the building in which it leases space to other businesses. The building was completed in 1996 for $175 million.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.