July 11, 2019
Denver-based EverWest Real Estate Investors, in partnership with Chilean-based fund manager Frontal Trust, entered the Seattle office market, acquiring the Olympic Block for a reported $34.3 million. The 73,184-square-foot technology-oriented, mixed-use office and retail building is located at 101 Yesler Way in the heart of downtown’s Pioneer Square, and was sold by New York-based Brickman.
The purchase includes six floors of the Olympic Block Building, built in 1986, six floors of the Lippy Building, built in 1889, and 8,576 square feet of street-level retail space. The project also includes three floors of residential space that is owned by a separate entity, and not part of the acquisition. The office, retail and residential spaces are served by a subterranean parking garage.
Olympic Block is currently 90% leased to a range of tech and corporate solutions office tenants and ground-floor restaurant tenants. EverWest owns roughly one-half million square feet of industrial space in the Puget Sound’s Kent Valley submarket.
Connect Bay Area is coming up July 18, 2019 at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.
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