Wave Waikiki, the iconic quarter-century-old nightclub "on the edge of Waikiki," will close in June.

Jack Law, the nightclub's founder and owner, said he was verbally informed by the property's landowners that Wave Waikiki will have to leave in the first two weeks of that month.

After being signed to a long-term lease for much of its existence, Wave Waikiki had been on a month-to-month lease since 2004, when former landowner Los Angeles-based Oaktree Capital Management LLC first put the 2.2-acre parcel the club is on up for sale.

The parcel with Wave Waikiki, a vacant lot, parking lot and a couple of low-rise buildings was planned as a sale to San Diego-based architect and developer Paul Thoryk last July. Thoryk's plan was to construct a $225 million, 35-story luxury condominium project called Pua'ena on the site.

However, the property now has a new owner, said Keith Kurahashi, a local project consultant for Thoryk. Kurahashi could not immediately identify the new owner.

Wave Waikiki has been on the same 1877 Kalakaua Ave. property since opening in November 1980.

Law, who had been looking for other Waikiki locations for the Wave since the nightclub was first placed on a month-to-month lease, said he does not plan to reopen elsewhere.

"To me, it was just too much of a gamble to put your signature on a lease in Waikiki when the rents are running around 40, 50 and $60,000 a month," said Law.

Law said he would consider reopening Wave Waikiki in another location only with a working partner/investor on board.

"I would like to do that to keep the name and the legacy alive. I do think that the Wave has something there that's intangible that somebody might want to keep alive."

Law's other venerable Waikiki nightclub, Hula's Bar & Lei Stand — which has gone through two locations in its 32 years of existence — will remain open.

Law said he had known for some time that Wave Waikiki's demise was inevitable, given the club's month-to-month lease, the rising value of the land under it and the sale to Thoryk. But finally receiving verbal notice of the eviction still heightened emotions.

"It's like having a friend that you know doesn't have a long time to go," said Law. "You're very happy to have the time you have. And when your friend passes on, it's not unexpected, and in a way it's a relief. But it's still sad."

Wave Waikiki celebrated its 25th anniversary in November with a party reuniting one of the most famous house bands from its early years, Hat Makes the Man. Founding Hat member Frank Orral went on to form worldbeat collective Poi Dog Pondering, briefly signed to Columbia Records.

Other notable local bands that got their start at what was once a haven for live rock and punk included The Squids, Sonya Mendez and Revolucion, Oriental Love Ring and Spiny Norman.

Wave Waikiki also attracted national acts such as George Thorogood & The Destroyers, New Order, Mick Fleetwood's Zoo, Grace Jones and Sugar Ray. Elton John once was spotted hanging out in the DJ booth after a Blaisdell Arena concert.

Reach Derek Paiva at dpaiva@honoluluadvertiser.com.