Renovations complete at 1833 Kalakaua
The operator of a 10-story office building in Waikiki announced that it has completed a $5.5 million renovation and plans to make further upgrades to the property at 1833 Kalakaua Ave. next year.
The building, called 1833 Kalakaua, is at the corner of Kalakaua and Ala Wai Boulevard and is owned by a joint venture between Honolulu-based Pacific Office Properties Trust and New York-based Angelo, Gordon & Co.
Improvements included new roofing, landscaping, upgraded air conditioning, a new conference room, an energy management system and remodeled restrooms.
San Diego-based Parallel Capital Partners Inc., which manages the building, said the upgrades are necessary to remain competitive in Honolulu’s office leasing market.
The roughly 92,000-square-foot building, which was built in 1964 and once known as the Federal Aviation Administration Building, is 62 percent occupied.
Auto leasing gains popularity
Once used mostly to move luxury cars, leasing has reached record levels, helped by easing credit restrictions and a move downmarket.
Consumers gravitate to leases — essentially long-term car rentals — mostly because they offer lower payments. Last year the median lease payment was $361, about 20 percent lower than the median $434 loan payment on a purchase, according to auto information company Edmunds.com.
Shoppers have pushed leasing to a record 25.7 percent share of new-vehicle sales in the first quarter of this year, up from just 16.3 percent in 2004, according to Edmunds.
First Apple computer could fetch $500,000
NEW YORK » It’s the kind of electronic junk that piles up in basements and garages: an old computer motherboard with wires sticking out.
But because it was designed and sold by two college dropouts named Steve Jobs and Steve Wozniak, it could be worth more than half a million dollars.
An Apple 1 from 1976, one of the first Apple computers ever built and forerunner of today’s MacBooks, iPads and iPhones, goes on the auction block at Christie’s next week. The bidding starts at $300,000, with a pre-sale estimated value of up to $500,000.
Air travel evolves at apparent snail’s pace
LE BOURGET, France » When the Concorde started flying in the 1970s, hopes were high that the traveling masses would soon streak through the air faster than the speed of sound or soar in planes that hurtled like missiles above the earth’s atmosphere. Instead, jetliners still look the same as they did five decades ago, and travel times have barely budged.
To consumers who have watched the world’s technological imagination shift to Silicon Valley, the airline industry seems plodding. Computers and cellphones are obsolete almost as soon as they’re unwrapped. The aviation industry looks stuck in time by comparison.
Restricted by huge costs, rising fuel prices and safety concerns, the aviation industry is unable to make the same leaps and bounds. It has instead turned its eye to less obvious advances, ones that companies say have allowed more people to fly than ever before.
One of the most talked-about innovations at the Paris Air Show in Le Bourget this week was the use of composite materials, including carbon fibers and plastics; Airbus’ newest jet, the A350, relies heavily on composites. But to the naked eye it looks just like all the other Airbuses on display.
Starbucks hikes prices despite lower costs
NEW YORK » Starbucks wants a little extra change for that latte.
The Seattle-based coffee company says it’s hiking prices on average by 1 percent nationally starting Tuesday. But it says the price for many drinks, such as medium and large brewed coffees and Frappuccinos, won’t change in most of its 11,000 U.S. cafes.
For a small brewed coffee, the price will increase by 10 cents at most. Other drinks could increase by more than that.
"Less than a third of beverages will see a small increase in most stores," said Lisa Passe, a Starbucks spokeswoman. She noted that the increases will vary by region and may apply to different drinks.
Depending on the market, Starbucks Corp. notes it’s the first price hike most customers will see in about two years.
The price hike comes despite falling coffee costs that have boosted the company’s profits. In the last quarter, Starbucks cited lower coffee costs for a stronger operating margin, which represents the money it pockets from sales after subtracting what it pays to keep stores running.
Unemployment falls in half of U.S. states
WASHINGTON » Unemployment rates fell in half of U.S. states last month, led by drops in California, West Virginia, New York and Hawaii.
The Labor Department said Friday that unemployment rates rose in 17 states and were unchanged in eight.
Hiring has been steady nationwide, leading to a better job market in many areas of the country. Employers added jobs in 33 states last month. The biggest gains were in Ohio, Texas and Michigan.
On the Move
Queen Liliuokalani Trust has announced Lillian Goo Rodolfich as its manager of finance. Prior to joining the company, she was a corporate controller for Aloha Air Cargo.
Hawaiian Airlines has appointed Takaya Shishido to country director for Japan. His responsibilities include leading the company’s Japan sales team and overseeing all sales initiatives in Japan. Shishido has spent the last 26 years at American Airlines.
Summit Media Hawaii has announced that Mele Apana will be joining Billy V on the new “Na‘au Therapy” morning show at KINE-FM 105.1, Hawaiian105, KKNE-AM 940 and www.Hawaiian105.com. Apana is an educator, philanthropist and entertainer.
Isabel Figel has joined the Kailua practice of David Shores of Ameriprise Financial Services as a client service manager. Figel’s responsibilities include overseeing the company’s operations as well as providing client support.
