Top officials from Hitachi Ltd. were in Honolulu yesterday to announce the signing of an agreement preserving Moanalua Gardens as a public park.

Hitachi, a Japan-based electronics giant, recently agreed to pay the garden's owner, Kaimana Ventures Ltd., $400,000 a year over the next 10 years to use the garden's famous monkeypod tree in its advertising. The deal will cover most of Moanalua Garden's annual operating costs of $600,000.

"The monkeypod tree of Moanalua has been a symbol of Hitachi for over 30 years," said Takashi Hatchoji, Hitachi's executive vice president and executive officer.

"For many years now, we have been running television commercials featuring this impressive tree to convey the concept of the integrated strength of the Hitachi group of companies."

The giant monkeypod tree, dubbed the Hitachi tree, has appeared in Hitachi's ads since 1973 and is one of the most recognizable corporate icons in Japan.

According to Hatchoji, a recent marketing survey found that 98 percent of all people in Japan are aware of the tree. He added that 93 percent had a positive opinion of the tree.

Kaimana Ventures purchased the Hitachi tree and the 22-acre garden in January from the Estate of Samuel Mills Damon for $5.05 million. JP Damon, president of Kaimana Ventures and a great-grandson of Samuel Mills Damon, said he intends to keep it open to the public.

"It would not be possible for me to perpetuate the public use of these gardens without the support of Hitachi," Damon said.

Reach Rick Daysog at rdaysog@honoluluadvertiser.com.