SEATTLE - Seattle's first skyscraper has a new owner.
The historic Smith Tower sold for $36.795 million at foreclosure auction Friday morning to Co-Investment Cayman LLC, who were the only bidders.
As part of the purchase agreement, families that currently live in the tower, which is now 70 percent empty, will be allowed to continue living there, said the auctioneer.
The auction notice was filed by CBRE Capital Markets of New York, which acquired the delinquent mortgage on the Smith Tower.
Chicago-based Walton Street Capital defaulted on loans totaling $42.5 million that it took out to purchase Smith Tower in 2006. King County values the tower at around $21 million, but the sale price had not been revealed.
Kate Joncas, President of the Downtown Seattle Association, hopes the new owners will embrace the historic building in order to help revitalize the Pioneer Square area.
“We hope someone will just treat it like it deserves to be treated, keep its historic character for the next 100 years,” she said. “We just want them to love it as much as us.”
The 42-story tower is an historic symbol on the Seattle skyline. It was built in 1914 by New York tycoon Lyman Cornelius Smith and was once the tallest building west of the Mississippi.