PORTLAND, OR – January 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.
About Lincoln Property Company
Lincoln Property Company was founded in 1965 as a developer and manager of high-quality residential communities. Over the next few years, the firm expanded its line of products and services to include commercial real estate. Its national reputation for successful management of its own properties quickly attracted a large client base of owners and investors who recognized the value that the firm could provide in development, property management and real estate consulting services. Today, Lincoln Property Company is one of the most respected and diversified service firms in the United States, employing thousands of experienced, dedicated people who serve a growing client base that reaches coast-to-coast, as well as into Mexico and Europe.
LPC Realty Advisors I, LP (LPCRA) is an investment advisory affiliate of Lincoln Property Company. LPCRA’s current portfolio consists of $1.8 billion in core and value-add investments, including assets totaling 7.4 million square feet in 15 markets nationwide.
Brickman is a real estate private equity firm with over 20 years of experience investing in real estate debt and equity. The firm has invested over $3.6 billion of total capital in 86 real estate transactions throughout the United States. Brickman owns, manages and develops real estate in-house. The firm brings operational, management and market expertise to the acquisition and origination of middle-market debt and equity investment opportunities. From its formation in 1992 through September 2014, Brickman has invested, for its own account and for the account of funds under its management, over $1.2 billion of equity capital and in excess of $3.6 billion of total capital in opportunistic, value-added, core plus, debt, and equity investments. Brickman’s experienced leadership and team members have worked together for over 14 years. Through its investment vehicles, the firm owns and manages over 3.2 million square feet of office and residential real estate, including the Pacific Building in Seattle, Washington (2 blocks from the subject) (133,000 SF) and 550 Kearny in San Francisco (195,000 SF).
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.