SEATTLE — Seattle’s iconic Smith Tower has been sold to a local ownership group a year after it was put up on the market.
The historic skyscraper, which used to be the tallest building on the West Coast, was bought by a group of local investors led by Seattle-based GT Capital, which also includes prominent Seattle families and local investment firms Freestone Capital Management and Evergreen Ventures.
The tower was last sold in 2019 and was owned by Goldman Sachs and Unico Properties. The investment bank Eastdil Secured confirmed to KING 5 in 2023 that they were marketing the tower and that it was “unpriced.”
A press release Friday did not say how much the building was sold to the investment group. According to the King County Accessor’s Department, Smith Tower is more than 304,000 square feet, and in 2022 it was appraised at $130,169,000.
Smith Tower has a penthouse apartment, office space, retail space, and an observatory deck with a restaurant. According to the statement, the group's vision for the building includes "preserving the unique charm of Smith Tower" while building modern office spaces.
"As a firm with deep roots in Seattle, we are incredibly excited to add one of the city's most iconic buildings to the Freestone Real Estate Fund," said Gary Furukawa, Freestone Capital's founder and chief investment officer. "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."
The building opened in 1914 and is a landmark both in Pioneer Square and in the city.