Hawaii developer and real estate investment firm The Mills Group has sold the 15-story Waikiki Galleria office building to an affiliate of Japan-based Sanno Group.

Sanno intends to hold the property as a long-term investment, according to a news release.

A purchase price for the building at the corner of Kalakaua and Royal Hawaiian avenues was not disclosed.

Mills and a consortium of investors from Japan bought the roughly 250,000-square-foot building, part of which is leased to luxury retailer DFS Galleria, for $125 million in 2003.

The building formerly known as the Nicos building was developed by Bank of Hawaii in 1966 with unique arched concrete grillwork.

Sanno also owns the 286,000-square-foot Honolulu Federal Credit Union Building on Kapiolani Boulevard, which it acquired in 2010.

Mills is the developer of residential communities Maui Lani and Lanikeha on Maui. The firm also has interests in The Shops at Wailea and two shopping centers on Guam, Tumon Sands Plaza and Guam Premier Outlets.