Smith Tower, the 42-story building that became Seattle’s first skyscraper in 1914, has been acquired by a group of local investors led by Seattle-based GT Capital in a transaction that also included the Butler Garage, a parking space in the city’s Pioneer Square neighborhood.
Smith Tower was the tallest building west of the Mississippi River until the 1931 opening of the Kansas City Power & Light Building and was the tallest building on the West Coast until the opening of Seattle’s Space Needle as part of the 1962 World’s Fair.
The new ownership group includes prominent Seattle families and local investment firms Freestone Capital Management and Evergreen Ventures, the alternative investment arm of Evergreen Gavekal.
The financial terms of the transaction were not disclosed. The property last changed hands in 2018 when Goldman Sachs acquired it as part of a nearly $750 million portfolio of buildings in Seattle and Denver owned by Unico Properties, which bought the property in 2015 for $74 million.
In a press statement, GT Capital said the Smith Tower’s new owners “includes preserving the unique charm of Smith Tower while building market-ready modern office spaces, providing additional security services, and reimagining the retail, culinary and tourist experience that celebrates Seattle’s dynamic history.” Damon McCartney and Lauren Hallgrimson with Broderick Group will handle the office leasing for Smith Tower.
“This investment is a testament to our core belief that the future of the City of Seattle, along with the people who live and work here is very bright,” said Joe Razore, founding principal at GT Capital. “Over the past few months, we’ve witnessed a positive shift in leasing momentum and believe it will continue as business leaders encourage in-person employee collaboration and the city officials prioritize public safety as a critical component to downtown Seattle’s recovery.”
“Our new cost basis gives us the ability to offer tenants the most competitive terms in the city,” added Razore. “Smith Tower is a pillar of the Seattle skyline with incredible views and all the modern-day conveniences. We’re fortunate to take over a building that already has an extensive amenity package, including a 22nd floor tenant lounge and roof deck, the state-of-the-art fitness center and cardio studio, and the full-time security and concierge. We’re open for business and are committed to providing “best in class” experience with very attractive terms for our tenants.”
Photo: Christopher S. Maloney / Wikimedia Commons
I am very glad to hear that Locals from the State of Washington, purchased the Smith Tower. I worked for the Smith Tower from 1988 to 1993, Security, and also as a Elevator Operator, after putting my body thru the wringer in the Grocery Industry.
I always believed that the building in time would come to the right owners.