Thursday, July 4, 2019

EverWest Enters Seattle Office Market with Purchase of Olympic Block

Olympic Block, Pioneer Square
 Downtown Seattle, WA


PHOENIX, AZ – EverWest Real Estate Investorsin partnership with Chilean-based fund manager Frontal Trust, has entered into the Seattle office market with the acquisition of Olympic Block, a technology-oriented, mixed-use office and retail building located in the heart of downtown Seattle’s Pioneer Square.

Managing Director Ryan Madson directed the acquisition of Olympic Block on behalf of EverWest and Frontal Trust. The building seller is New York-based Brickman.

 
Ryan Madson
“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,” said Madson.

“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.”

Olympic Block totals 73,184 square feet at 101 Yesler Way, at the corner of Yesler Way and 1st Avenue South. EverWest’s 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.


 CONTACT:

Stacey Hershauer
1+ 480.600.0195


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