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FIRST HAWAIIAN BANK TO BUILD NEW BANKING CENTER WITH THE DOWNTOWN BRANCH OF THE CONTEMPORARY ART MUSEUM

 FIRST HAWAIIAN BANK TO BUILD NEW BANKING CENTER
 WITH THE DOWNTOWN BRANCH OF THE CONTEMPORARY ART MUSEUM
 HONOLULU, Aug. 20 /PRNewswire/ -- In a move that will bring world-class architecture and contemporary arts to downtown Honolulu, First Hawaiian Bank today announced that it will build a new major high-rise on its present site in the block bounded by King, Alakea, Merchant and Bishop streets. The announcement was made at a special press conference today by First Hawaiian Chairman and Chief Executive Officer Walter A. Dods Jr.
 Named First Hawaiian Center, the building is scheduled for construction starting in early 1993, with completion in 1996. It is being developed at an approximate cost of $175 million. Not included in this amount is the tax assessed value of the land which stands at $61 million. First Hawaiian owns the entire block except for 954 square feet. This parcel is owned by the Magoon Estate, who will have a limited interest in the project.
 The new 30-story building will occupy a land area of 55,775 square feet and include 418,000 square feet of gross office space including the bank's main branch and administrative headquarters. It will have 763 parking stalls and house approximately 1,500 people. First Hawaiian currently has lease commitments for 80 percent of the available space.
 The plaza level Banking Hall will be the site for the downtown branch of The Contemporary Art Museum with a 40-foot vaulted ceiling that will exclusively showcase artwork from local artists. That would include those who were born and raised in Hawaii, or those who create art and currently reside in Hawaii. Works exhibited at the downtown museum would be offered for sale at the end of each show, with 100 percent of the proceeds going to local artists.
 "We are pleased that Walter Dods and First Hawaiian Bank had the vision to include a branch of our museum in their plans," said Paul Cassiday, president of the Contemporary Art Museum. "It's a superb way to combine world-class architecture with contemporary Hawaiian art. We look forward to a long, mutually beneficial partnership with First Hawaiian Bank."
 "When we built the First Hawaiian office building on King and Bishop Streets in the 1960s, is was the first major high-rise structure on Honolulu's skyline," Dods said. "The bank has grown significantly since 1960 and we are at capacity in our current building. First Hawaiian Center will provide us with room to grow into the next century and will make a dramatic statement in the 1990s by combining commerce with the arts to create a dynamic workplace that also responds to a civic need for unique architecture and public open space."
 First Hawaiian Center will be set back dramatically from Bishop and King streets, creating more than 24,000 square feet of open area equivalent to 43 percent of the 55,775-square-foot site. By comparison, the open area within the current property boundaries comprises only 4,645 square feet, or 8.3 percent of the site. The expanded open space will include a plaza, landscaped areas and water features.
 Dods added that First Hawaiian Center is more than just a new structure. "First Hawaiian has been committed to Hawaii for 134 years now, and our decision to build this new tower is a statement of our faith in the future of this state and our continued dedication to meeting the financial and community needs of Hawaii's people," he said.
 Dods noted that the new building is not expected to have any adverse effect on the company's earnings strength. "One of our primary objectives was to ensure the company's earnings would not be negatively affected by this development, and we are satisfied with our revenue projections for the First Hawaiian Center," he said. "In fact, in the long-term, the earnings potential of the project is favorable."
 Developer for the project is The Myers Corp. of Honolulu. According to Jack E. Myers, chairman and chief executive officer of The Myers Corp., "The new structure is a striking landmark facility with technologically advanced operating, safety and security systems."
 The New York architectural firm Kohn Pedersen Fox designed the structure along with local architectural firm of Johnson Tsushima Luersen Lowrey. William Pedersen designed First Hawaiian Center to fit in with Hawaii's unique environment. "As you glance skyward, the vertical planes of limestone, granite and glass are angled to capture the panorama of the mountains and sea," Pedersen said.
 First Hawaiian Bank, one of the largest financial institutions in the state, is the principal subsidiary of First Hawaiian Inc. (NASDAQ: FHWN). Other major subsidiaries include First Hawaiian Creditcorp. Inc., the state's largest locally owned financial services loan company and First Hawaiian Leasing Inc., which is primarily engaged in commercial equipment and vehicle leasing.
 The Myers Corp. is one of Hawaii's leading real estate development companies.
 -0- 8/20/92
 /CONTACT: Lisa Halvorson of First Hawaiian, 808-525-6111/
 (FHWN) CO: First Hawaiian Bank; The Myers Corp.; The Contemporary Art
 Museum ST: Hawaii IN: FIN CST LEI SU:


JB-KJ -- LA032 -- 1978 08/20/92 21:07 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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