The U.S. Bankruptcy Court in Los Angeles has set an Oct. 29th date for the sale of the downtown high-rise, nearly three years after the building's developer, Bishop Street Associates, filed for bankruptcy reorganization.

First Hawaiian Tower, formerly known as Pan Pacific Plaza, is located at 1132 Bishop Street next to Fort Street Mall. The building has been the temporary headquarters for First Hawaiian Bank while the company's $175 million First Hawaiian Center on King and Bishop streets was being built. But now that the First Hawaiian's new headquarters is complete, the bank will be moving its offices to the new building, creating vacancies in First Hawaiian Tower.

On Nov. 23, 1993, Bishop Street Associates, then headed by California developer Irwin Daniels, filed for Chapter 11 bankruptcy in Los Angeles, with assets and liabilities both in excess of $100 million.

Japanese lenders Fuji Bank Ltd. and Sumitomo Trust & Banking were the developers' largest creditors. Prior to the bankruptcy filing, the two banks filed a foreclosure lawsuit against Bishop Street Associates, saying the developer defaulted several times on a $110.25 million loan. The bankruptcy put a halt to the lawsuit.

Bishop Street Associates could not be reached for immediate comment and a representative for Fuji Bank declined comment.

As part of the bankruptcy, creditors last year took over the management of the building.