Monday, January 4, 2016

HFF closes $22.425 million sale of and arranges $15.5 million financing for mixed-use creative tech building in Seattle’s Pioneer Square submarket

Olympic Block Building, Pioneer Square submarket, Seattle, WA

Nick Kucha
PORTLAND, OR. Jan.  4, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for Olympic Block Building, a 70,796-square-foot, mixed-use, creative tech building in Seattle’s Pioneer Square submarket. 

HFF marketed the property on behalf of the seller, LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, on behalf of a pension fund client.  Brickman purchased the asset for $22.425 million.  Additionally, HFF assisted the new owner in securing a $15.5 million, 36-month, fixed-rate acquisition loan by Natixis Real Estate Capital LLC.

The Olympic Block Building is situated on Pioneer Square’s 50-yard line at the intersection of Yesler Way and 1st Avenue South.  This location sees more than 20,000 vehicles and 3,000 pedestrians per day, and is two blocks from Sound Transit’s Pioneer Square station.

 The 70,796 square feet in the offering was spread amongst the first six floors of The Olympic Building and the connected Lippy Building (circa 1890’s) and includes ground floor retail and technology-oriented office space.  

The property also features 22 subterranean parking spaces and 18 residential units on floors seven through nine (residential units are not part of the offering).

HFF’s investment sales team representing the seller was led by managing director Nick Kucha and senior managing director Todd Tydlaska.

HFF’s debt placement team representing the borrower was led by managing director Casey Davidson and senior managing director Paul Brindley.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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