Pacific Office Properties Trust Inc. is expected to become smaller by Monday with the sale of one of its last three Honolulu office towers as the company tries to stay in business amid losses that continued to mount in the second quarter.

The Honolulu-based firm is scheduled to sell the Pan Am Building at 1600 Kapiolani Blvd. by Monday in a sale that was arranged in 2016.

The building’s buyer is Don Quijote (USA) Co., which agreed to pay Pacific Office $78.5 million for the property. Pacific Office said in a financial report filed last week that it will prepay a mortgage on the building with all sale proceeds.

Pacific Office also noted in the report filed with the U.S. Securities and Exchange Commission that it had the equivalent of $256,000 in unrestricted cash available June 30, down from $1.6 million at the end of last year. The company disclosed in May that it anticipated not having enough cash flow from operations and cash on hand to sustain business beyond June 30.

To sustain operations, Pacific Office previously has considered actions that include selling or merging the company, raising capital or dissolving.

The company restated its dire outlook in the recent financial report: “Because we have not identified, and we do not believe we will identify, a course of action to achieve profitability in the foreseeable future, our board of directors is currently considering alternatives for the future of the company, including the sale of our remaining assets and/or dissolution of the company,” Pacific Office said in the report. “We may also consider other strategic alternatives, including a sale, merger, other business combination or recapitalization of the company.”

Pacific Office said it lost $4 million in the three months ended June 30. That was an improvement from a $4.2 million loss in the same quarter last year. Revenue totaled $8.8 million in the recent quarter, down from $9 million a year earlier.

Besides the Pan Am building, Pacific Office owns Waterfront Plaza and Davies Pacific Center in Honolulu as well as a 5 percent stake in an Arizona property.

Local real estate investor Jay Shidler formed Pacific Office in 2008 by contributing several buildings he owned and offering stock in the firm to the public.

The company at one point owned 24 properties and had aspirations of using investor capital to grow. Instead, Pacific Office struggled amid the U.S. economic recession shortly after the company’s formation and ended up selling or losing properties to foreclosure in an effort to stay solvent.

Since inception, Pacific Office’s cumulative net loss was $264.7 million through June.

Shares of stock in the company, which started trading at about $6.60 in 2008, closed most recently at 6 cents Friday.