San Francisco-based Coastwood Capital Group LLC, a partner in the International Market Place redevelopment, has bought the leasehold interest in the adjacent Waikiki Trade Center for an undisclosed sum.

The transaction was confirmed this afternoon by Matthew Bittick, president and CEO of Bishop Street Commercial, the company selected as the building’s leasing agent by former owner Seaside Equity LLC, who closed on their purchase of the property in February of 2013. Bittick said that the most recent ownership change took place about year’s end. 

Located in the heart of Waikiki at the corner of Seaside and Kuhio avenues, the more than 248-foot high-rise office building has approximately 205,390 square-feet of rentable space. The 22-story building is currently running about 50 percent vacant, Bittick said.

The new owners are expected to explore converting the property, he said.

“I don’t think that any decisions have been made, but I’ve been told that the use may be hotel related,” Bittick said. “We’ve been told to hold off on the leasing of office space.”