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| Olympic Block Building, Pioneer Square submarket, Seattle, WA |
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| 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 | www.hfflp.com
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