The publicly traded office building investment firm established in March by Honolulu real-estate investor Jay Shidler has added another property to its portfolio with the acquisition of Kalakaua Business Center in Waikiki.

Pacific Office Properties Trust Inc. bought the nine-story leasehold building at 2155 Kalakaua Ave. with an institutional investment partner for about $30 million.

The deal expands the company's holdings to 10 Honolulu and Mainland office building assets formerly owned by Shidler's private company, The Shidler Group.

Shidler established Pacific Office Properties with nine former Shidler Group buildings. Shidler, who is chairman of the new firm, also gave Pacific Office Properties the option to acquire 18 office buildings from Shidler Group for what Shidler Group paid.

Last month, Pacific Office Properties announced it would exercise its option to acquire seven office buildings in San Diego and Phoenix, enlarging the company's portfolio to 17 buildings when these purchases are completed.

Kalakaua Business Center was bought by the Shidler Group in February 2007 for about $30 million. The building, at the corner of Kalakaua Avenue and Beach Walk not far from the Trump International Hotel and Tower under construction, was developed in 1980 on leasehold land in part to house a branch of Japan's Mitsukoshi department store. The lease runs until 2042.

Long known as ANA Kalakaua Center for former owner All Nippon Airways, the 151,842-square-foot building is 97 percent occupied by tenants that include Planet Hollywood, JTB Hawai'i, Resort Quest and Bank of Hawaii.

Shares of Pacific Office Properties stock, which are thinly traded on the American Stock Exchange, last traded at $6.64 on Thursday. That was up 4 cents from a day earlier, but down from a high of $7.30 on April 8 since the company's launch on March 20.