Guam – Property and Casualty Insurance company Nanbo Guam broke ground this morning on its new office building at the corner of West O’Brien Drive and Route 4 in downtown Hagatna.
The new office building brings a much needed face-lift to a lot that has been vacant for decades.
The 2-story building will have 24-thousand square feet of commercial and office space. Nanbo will occupy about a-third of the area, with the remaining space up for commercial lease. Nabo’s Finance Manager Brent Butler says there are no other tenants committed to lease office space in the building, yet.
Nanbo Chairman Norman Tenorio said the project has been in the works for 20 years. But was delayed in the early 90’s because of a number of typhoons and a major earthquake here on Guam in 1993.
Nanbo Guam has been in business for 42 years, in partnership with its principal investor, and Japan’s largest insurer, Toyko Marine.
Nanbo Vice Chairman Sonny Ada spoke about the promise that the buildup offers for more partnerships with Japanese companies, especially in light of the $720 million in buildup funds coming from the Japan.
The $5 million dollar office project is slated for completion in the third-quarter of next year.