SEATTLE, Aug. 9, 2024
In a landmark transaction that underscores the enduring appeal of Seattle’s historic architecture and optimism for the future of downtown, 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 (alternative investment arm of Evergreen Gavekal).
Smith Tower, the vision of industrialist L.C. Smith, has been standing proudly since 1914 as Seattle’s first skyscraper. The 42-story building, known for its distinctive neoclassical design and stunning views from the renowned Observatory, has long been a symbol of Seattle’s innovative spirit.
The Butler Garage, a key component of the transaction, provides essential safe and secure parking in the Pioneer Square neighborhood.
GT Capital and its partners bring a wealth of experience in revitalizing commercial and residential properties throughout the Pacific Northwest. Their vision for the Smith Tower 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.
“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, 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.”
“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.
“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.”
“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.”
Damon McCartney and Lauren Hallgrimson with Broderick Group will handle the office leasing for Smith Tower.
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Featured photograph courtesy of Smith Tower.