Honolulu-based Avalon Group, a real estate development, consulting and sales company, purchased the 378,000-square-foot Davies Pacific Center office building Monday.

Avalon plans to convert two-thirds of the building into approximately 300 to 400 residential condominium units for sale and leave approximately 115,000 for office and retail. The building is already over one-third vacant.

President and CEO Christine Camp said the company will announce its plans shortly once it works through permitting issues.