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Denver-based EverWest Real Estate Investors recently acquired Olympic Block, the technology-oriented, mixed-use office and retail building in Seattle's Pioneer Square. The seller was New York-based Brickman.
The 73,184 SF block, at the corner of Yesler Way and First Avenue South, includes six floors of the Olympic Block Building, which was built in 1986, and six floors of the Lippy Building, which was built in 1889. An additional 8,576 SF of street-level retail space was included in the sale.
Three floors of residential space was not part of the acquisition and is owned by a separate entity.
“We have been monitoring the Seattle office market for a long time, looking for a project that fits the right size, submarket and value profile,” EverWest Managing Director Ryan Madson said in a statement. “Olympic Block checks all of those boxes, operating as a modern mixed-use asset while still allowing us to add value and capitalize on the area’s double-digit rent growth through strategic leasing and interior improvements.”
The office space is geared toward the creative collaboration design style. Its central location is highly walkable with 100 restaurants within a quarter of a mile and is a half-mile from Century Link field. It is currently 90% leased.
The acquisition is in partnership with Chile-based fund manager Frontal Trust. EverWest continues to look for more industrial, office and multifamily investment properties in the Washington market.
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