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Douglas Emmett to turn Honolulu office building into 500 apartments

Janis L. Magin
Douglas Emmett to turn Honolulu office building into 500 apartments

The move by Douglas Emmett (NYSE: DEI), announced on Tuesday, had been anticipated by commercial real estate experts, who have said the removal of the tower, also known as Bishop Place, would push the market’s vacancy rate below 10 percent, from the current rate of more than 16 percent.