Bankoh parcel in town sells for $5.5M

By Andrew Gomes
Advertiser Staff Writer

The company, 888 Nuuanu LLC, completed the purchase from Bank of Hawaii last week for about $5.5 million. A company representative could not be reached yesterday to comment on plans for the property bordered by Nimitz Highway, Nu'uanu Avenue, Marin Street and Smith Street.

Bank of Hawaii in the mid-1990s planned to build an office tower on the site, but canceled plans after demolishing a low-rise office complex on the property now used as a parking lot operated by Diamond Parking Service.

Bankoh nearly sold the parcel at least twice since offering it for sale in late 2000 — first to a Dallas-based luxury rental apartment developer in 2001, and last year to a San Diego-based firm with plans for an upscale condominium tower — but both deals fell through.

888 Nuuanu LLC is affiliated with K.J.L. Associates LLC, a company headed by Luke, who is chairman, president and chief executive officer of Hawaii National Bank.

K.J.L. and related companies are major owners of industrial land in the Honolulu airport area. Luke family entities also own other property, but lease the land under Hawaii National Bank's main branch just mauka of the block acquired from Bankoh.

The Luke family controls Hawaii National Bank, which was founded in 1960 by the late Kan Jung "K.J." Luke, father of Warren Luke.

Hawaii National Bank is the smallest of eight Hawai'i-based banks, with $372 million in assets and 16 branches as of last June, according to the Federal Deposit Insurance Corp. The company was once publicly owned, but was taken private in 1999 by the Luke family.

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