Douglas Emmett buys Bishop Square for $232 million

Bishop Square, the largest office complex in Hawaii, has been acquired for $232 million by Santa Monica, Ca.-based real estate investment trust Douglas Emmett Inc.

The Honolulu complex has about 960,000 square feet and will increase Douglas Emmett’s market share in Honolulu to 36 percent from 15 percent. The acquisition price equated to $242 per square feet.

“Bishop Square has been widely viewed as the best business address in Honolulu CBD (central business district) ever since it was first developed,” said Jordan Kaplan, president and chief executive officer of Douglas Emmett.