In a notable shift for downtown Seattle real estate, BH Properties has snagged the Olympic Block, a historical gem in the heart of Pioneer Square. The Los Angeles-based investor announced the acquisition of the 74,660-square-foot office and retail space, taking over from Denver's EverWest Real Estate Investors through a foreclosure deal. EverWest had purchased the property in partnership with Chilean firm Frontal Trust for $34.2 million back in the summer of 2019, as detailed by the Daily Journal of Commerce.

The King County records showed a zero-dollar foreclosure sale registered late last month, shifting the ownership to BH Properties. While terms of the transaction have not been disclosed, DJC.com reports that EverWest faced financial woes leading to the foreclosure, previous records indicate the firm had secured a hefty $22.6 million loan from BBVA in 2019. BH Properties has since assumed control of the loan, paving the way for their acquisition of the landmark buildings.

Olympic Block's new owner is placing their stamp on the historic estate; BH Properties' Pacific Northwest regional operations will relocate to the location at 101 Yesler Way. This transfer is emblematic of the larger shifts within Seattle's office market, with companies seeking spaces that offer more than just a place to work but a piece of the city's history and culture. According to REBusinessOnline, the property includes the six-story Lippy Building, dating back to 1902, and a nine-story extension from 1986.

Jim Brooks, president of BH Properties, voiced his enthusiasm for the acquisition, stating, "Great properties in terrific locations will always be in favor of discerning tenants. Olympic Block checks all of the boxes including the unsurpassed amenities within Pioneer Square, not to mention the ongoing $750 million master-planned redevelopment of the Seattle Waterfront.” The property is expected to lure in tenants with its "lease-ready spec suite program for smaller space users looking for an iconic Seattle address," as described in an interview with The Registry.

With Pioneer Square continuing to evolve, the Olympic Block stands as a testament to the enduring appeal of Seattle's historic locales. BH Properties seems set to make the most of its new investment while adding a modern chapter to the building's storied past. Their decision reflects a broader trend, where office spaces double as cultural landmarks, adding value for tenants and visitors alike.