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September 15, 2019
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EverWest Real Estate Investors and Frontal Trust Buy Mixed-Use Asset in Seattle’s Pioneer Square

7/05/19

EverWest Real Estate Investors, in partnership with Chilean-based fund manager Frontal Trust, has acquired Olympic Block, a technology-oriented, mixed-use office and retail building located in the heart of downtown Seattle’s Pioneer Square.The property was sold by New York-based Brickman.

Olympic Block, totaling 73.2k sf, is located 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 8.6k sf 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. Over half of Olympic Block’s office space is considered creative light-tech, allowing for efficient conversion to open, collaborative office designs according to tenant needs.

The property’s main-and-main location is compelling for modern companies and millennial employees drawn to a highly walkable, amenity-rich downtown work environment. At Olympic Block, tenants are two blocks from Pioneer Square Station, within one-quarter mile of more than 100 restaurants, within one-half mile of Century Link Field and less than one mile from Pike Place Market. The building is passed by approximately 20,000 cars and 3,000 pedestrians each day.

Olympic Block is currently 90% leased to a range of tech and corporate solutions office tenants and ground-floor restaurant tenants.

Managing Director Ryan Madson directed the acquisition of Olympic Block on behalf of EverWest and Frontal Trust. While this is the company’s first office investment in Seattle, EverWest owns approximately one-half million square feet of industrial space in Washington’s Kent Valley submarket. This includes the three-building, 286.5k sf ProAmpac campus in Auburn, two projects in Kent: the three-building, 138.3k sf West Valley Distribution Center and a recently completed, a 43k sf industrial building at 7011 S. 182nd St, and a recently acquired property in Renton totaling 37k sf at 1415 Maple Ave. Southwest.





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