Seattle's iconic Smith Tower and Butler Garage have been acquired by a group of local investors led by Seattle-based GT Capital.
Smith Tower was the tallest building on the west coast until it was passed by the Space Needle. 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.
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.
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.”
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