Hawaiian Dredging & Construction Co. has completed its planned purchase of a historic building in Kakaako that it intends to use as a headquarters next year following a renovation.

The company purchased the nearly 90-year-old building at the corner of Kapiolani Boulevard and South Street on Friday and declined to disclose the price.

Long known as the News Building, the three-story complex was built in 1929 for the Pacific Commercial Advertiser, later The Honolulu Advertiser. The Honolulu Star-Bulletin also was based in the building for many years. In 2010 Oahu Publications Inc. combined the two newspapers into the Honolulu Star-Advertiser, based at Waterfront Plaza.

Local investment firm Downtown Capital LLC bought the 3.7-acre property in 2012 for $22 million from former Advertiser owner Gannett Co., and has used most of the property to develop two condominium towers called 801 South St. The first tower was completed last year, and the second tower is slated to be finished later this year. Part of the News Building was demolished to make room for a parking garage for the second tower.

Hawaiian Dredging is the general contractor for the towers. The company began renovating the outside of the old building last month and expects to finish the interior in mid-2017.

Gerry Majkut, Hawaiian Dredging president, said it will be a natural fit for a company with a long history to occupy the historic building featuring Renaissance Revival architecture, decorative plaster, a giant stained-glass window and red-tile roof.

Hawaiian Dredging, founded in 1902, plans to rename the building the Hawaiian Dredging Building.

“We have a long history in Hawaii and while we are proud of our past we also look forward to our future,” Majkut said in a statement. “So it is with our new office.”