Seattle’s Smith Tower sold to a local Seattle ownership group
Aug 9, 2024, 1:09 PM | Updated: 1:14 pm
Smith Tower was the tallest building on the west coast until it was passed by the Space Needle. (Getty Images)
(Getty Images)
Seattle’s iconic Smith Tower and Butler Garage have been acquired by a group of local investors led by Seattle-based GT Capital. The new ownership group also includes prominent Seattle families and local investment firms Freestone Capital Management and Evergreen Ventures, the alternative investment arm of Evergreen Gavekal.
The companion in the purchase is the Butler Garage, also located in the Pioneer Square neighborhood, south of downtown Seattle at 114 James St. Butler Garage is a 451-stall parking garage with 3,054 square feet of ground-level retail space.
“This investment is a testament to our core belief that the future of Seattle, along with the people who live and work here, is very bright,” Founding Principal of GT Capital Joe Razore said in a news release. “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 city officials prioritize public safety as a critical component to downtown Seattle’s recovery.”
Smith Tower, envisioned by industrialist L.C. Smith, was Seattle’s first skyscraper. Since 1914, the 42-story building has been known for its neoclassical design and views from its observatory. The tower was among the tallest skyscrapers outside New York City at the time of its completion. It was the tallest building west of the Mississippi River until the completion of the Kansas City Power & Light Building in 1931. It remained the tallest building on the U.S. West Coast for several decades, until the Space Needle overtook it in 1962.
Background: Smith Tower is reportedly for sale
More on the company involved in the sale
GT Capital is known for revitalizing commercial and residential properties throughout the Pacific Northwest. Their vision for Smith Tower includes preserving its charm while creating market-ready modern office spaces, enhancing security services, and reimagining the retail, culinary, and tourist experience to celebrate Seattle’s history.
Founded in 2010, GT Capital is a real estate holding company specializing in the acquisition, development, and operation of commercial and residential properties across the Pacific Northwest. The GT team has more than 100 years of combined experience, bridging three development cycles. Since its inception, GT has successfully acquired or developed approximately 3 million square feet of commercial properties and over 1,400 residential units.
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“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,” Freestone Capital’s founder and Chief Investment Officer Gary Furukawa said. “We believe this acquisition will be an incredible opportunity and look forward to leveraging GT Capital’s deep domain expertise to enhance Smith Tower’s operations and development.”
Razore also stated in the statement that the company’s “new cost basis gives us the ability to offer tenants the most competitive terms in the city.”
“Smith Tower is a pillar of the Seattle skyline with incredible views and all the modern-day conveniences,” Razore added. “We’re fortunate to take over a building that already has an extensive amenity package … We’re open for business and are committed to providing a ‘best in class’ experience with very attractive terms for our tenants.”
Bill Kaczaraba is a content editor at MyNorthwest. You can read his stories here. Follow Bill on X and email him here.
