While the base clock speed of the 8700k is indeed 3.7GHz, in practice it actually runs at 4.3GHz as its all core TurboBoost, and getting about 70 celsius at stock settings is not uncommon. You might be able to get temps a bit lower if you turn off TurboBoost, set your multiplier to 43 and manually adjust your voltage to try to get it running at a lower voltage than the motherboard's auto mode. If you have an ASUS board, you have to watch out for Multicore Enhancement, as it is often enabled by default and will run all 6 cores at the maximum single core Turbo of 4.7GHz, and it does this by pumping a lot of voltage through the chip, likely more than actually necessary to ensure stability, and this will also lead to high temperatures. Other vendors have similar features, but usually don't have them turned on by default.
I cool my 8700k with a Deepcool Assassin 2, which is a large air cooler similar to the Cryrorig R1, and under 100% load my temps are in the high 60s to low 70s when running at the stock 4.3GHz all core turbo with auto voltage. It's a hot running chip, and there is a reason high overclocks tend to require a delid in order to keep temperatures under control.