Pacific Office Properties Trust hopes to raise up to $400 million from investors to help the company purchase distressed office buildings and expand its portfolio of real estate.

The company, a real estate investment trust headed by Honolulu real estate executive Jay Shidler, yesterday announced plans to raise up to $400 million selling senior common stock that isn’t traded on a stock exchange like its common shares.
The firm based in San Diego and Honolulu was formed in March 2008 and owns about 40 office buildings, many of which were previously owned by The Shidler Group.