EverWest Enters Seattle Office Market

The company purchased six floors of the eight-story Olympic Block. The roughly 73,000-square-foot mixed-use property was 10 percent vacant at the time of sale.
Olympic Block. Image courtesy of EverWest Real Estate Investors
Olympic Block. Image courtesy of EverWest Real Estate Investors

EverWest Real Estate Investors in a joint venture with Frontal Trust, has acquired Olympic Block, a mixed-use property totaling more than 73,000 square feet in Seattle. New York-based Brickman sold the asset. This transaction marks EverWest’s first acquisition in the metro.

Located at 101 Yesler Way, in downtown Seattle’s Pioneer Square, the mixed-use property sits at the corner of Yesler Way and First Avenue South. Additionally, the Pioneer Square Station is two blocks away and a mix of dining and shopping venues are nearby.

EverWest purchased six floors of the eight-story Olympic Block, six floors of the Lippy Building and roughly 8,500 square feet of street-level retail space. Olympic Block also includes three floors of 15 residential units each with two designated parking spaces owned by a separate entity. More than half of the property is considered creative light-tech, with the possibility to serve as open or collaborative office spaces. The property was 90 percent leased at the time of sale to a mix of tech and corporate solutions office tenants, as well as restaurants, including Northwest Resource Group, Compunet, Rocke Law Group and Jimmy John’s.

EverWest Managing Director Ryan Madson secured the acquisition on behalf of the joint venture. In June, the company sold The Circuit, a 185,000-square-foot office property in Tempe, Ariz. for $46 million.