An affiliate of France’s second-largest banking firm, Groupe BPCE, has assumed ownership of the Waikiki Trade Center office tower at 2255 Kuhio Ave.

The BPCE subsidiary, Natixis Real Estate Capital Inc., repossessed the property on Monday in lieu of foreclosure.

Natixis acquired the property from California-based investors doing business as Waikiki Trade Center Investors LLC, which paid more than $30 million in 2006 for the 24-story tower on leasehold land at the corner of Seaside and Kuhio avenues.

However, in conjunction with turning over the building to Natixis, the former owner also filed a lawsuit Monday against the property’s two ground lessors, alleging that they unfairly blocked a deal to refinance a loan that would have allowed Trade Center Investors to retain ownership.

The suit by Trade Center Investors was filed against landowners Queen Emma Land Co. and Seaside Estates LP.

A spokesman for Queen Emma Land, an affiliate of Queen’s Health Systems, said the company doesn’t comment on pending litigation.

Stephen Gelber, an attorney representing Seaside Estates, said he hadn’t seen the complaint and therefore couldn’t respond.

Trade Center Investors, which is affiliated with Joseph Daneshgar of Beverly Hills-based 3D Investments, claims in its suit that it lost $11 million of equity it had invested in the property, including $4 million spent on renovations.

Daneshgar’s firm bought the tower in February 2006 with the help of a $25 million loan from Natixis with a plan to renovate the tower, fill empty tenant space and enhance revenue.

In addition to office space, the tower features two levels of retail, restaurants and bars, including The Shack Waikiki.

The renovation plan also required Trade Center Investors to refinance its loan, which had a term of two years. In its lawsuit the company said Wachovia Financial Services Inc. tentatively agreed in early 2008 to lend $27.8 million to retire the Natixis debt and invest another $2.3 million in additional property improvements.

The suit alleges that the landlords initially balked at making minor clarifications to the ground lease sought by Wachovia as a condition of making the loan, then later, on condition of accepting Wachovia’s proposed changes, sought economic benefits including a 10 percent transfer fee if Trade Center Investors sold the property.

Wachovia rejected the terms, the suit said, and Natixis initiated foreclosure in August 2008.

The Daneshgar firm returned with a refinancing commitment from Bank of America, but the landlords rejected another request for "reasonable" lease amendments, according to the suit.

"We truly believe this was evidence of bad faith," said John Perkin, a local attorney representing Trade Center Investors.