A Portland, Ore.-based real estate merchant banking firm has bought the Kaka'ako office complex Pacific Park Plaza for $85 million.

ScanlanKemperBard Cos. bought the property at 711 Kapi'olani Blvd. from Transpacific Development Co., which developed Pacific Park with two buildings and a parking structure in the late 1980s.

The property includes a 15-story leasehold building with 214,465 square feet of space and a two-story leasehold building with 40,174 square feet of space on the block bordered by Kapi'olani and Kawaiaha'o, Cooke and Curtis streets. The purchase also included the adjacent fee-simple 557-stall parking garage.

Bob Scanlan, ScanlanKemperBard chairman, said the investment was attractive because Honolulu's office market rents are rising but not enough to invite construction of large new office buildings over the next several years.

ScanlanKemperBard said it plans to invest $1.5 million in Pacific Park improvements, and hold the asset for six years. The building is 95 percent leased to tenants including Kaiser Permanente and GEICO.

Founded in 1993, ScanlanKemperBard is a buyer of industrial, retail and office properties in the Western United States. Pacific Park is being added to the company's portfolio of about 20 properties bought for nearly $1 billion.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.