Smith Tower has been a defining presence in Seattle’s skyline since 1914. Over its long life, it has weathered difficult chapters, repeated ownership changes, periods of high vacancy, and even a mortgage default that left much of the building empty. Its most recent transfer, a deed in lieu of foreclosure, underscored deep uncertainty about its future.
When the 42‑story tower went up for sale in 2023, it was marketed simply as an “investment offering”. Nearly half its office and retail space was vacant. Many investors hesitated, deterred by high interest rates and low demand for office space.
But one local investment group saw opportunity. One year later, Smith Tower had new, robust, local ownership with deep roots in Seattle.
“Smith Tower is a pillar of the Seattle skyline… 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 of GT Capital.
GT Capital didn’t just acquire the building. They invested in its future. A voluntary seismic upgrade was completed across multiple tower floors. The project incorporated fluid viscous dampers, advanced seismic‑resilience technology that reduces seismic forces while minimizing invasive structural interventions. Because the work occurred inside an actively occupied historic high‑rise, the project required exceptional coordination and overnight construction.
These upgrades strengthen the building’s longevity, improve safety, and help lower insurance costs, enabling GT Capital to offer competitive lease rates. Tenants are responding. As of August 31, 2026, Smith Tower’s vacancy rate is down to 18%, half the downtown average.
Historic Seattle celebrates GT Capital’s vision, leadership, and early success — a powerful example of how thoughtful community investment can strengthen both a beloved landmark and the future of a downtown.
Investment Group: Seattle‑based GT Capital (Lead), prominent Seattle families, Freestone Capital Management, Evergreen Ventures
Seismic Project Team: Coughlin Porter Lundeen, WG Clark Construction Co.
Header image courtesy of Freestone Capital Management, bottom left and right images courtesy of JPC Architects, middle image by Pamela Bolig Photography
