The sale comes after a year of the tower being on the market. The group includes prominent Seattle families and local investment firms Freestone Capital Management and Evergreen Ventures.

Previously owned by Goldman Sachs and Unico Properties, the 304,000 square feet tower was last sold in 2019. During its marketing phase, the tower's pricing was not disclosed by Eastdil Secured, the investment bank handling the sale.

While the press release did not reveal the purchase price, the King County Accessor's Department has appraised Smith Tower at $130,169,000 in 2022. The tower, known for its historic significance and stunning views, includes a penthouse apartment, office spaces, retail areas, and an observatory deck with a restaurant.

The local ownership group has expressed its commitment to preserving the unique charm of Smith Tower while also modernizing its office spaces. Gary Furukawa, the founder and chief investment officer of Freestone Capital, expressed enthusiasm for the acquisition, stating, "As a firm deeply rooted in Seattle, we are incredibly excited to add one of the city's most iconic buildings to the Freestone Real Estate Fund. 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."

Opened in 1914, Smith Tower holds a special place in both Pioneer Square and the city of Seattle. Its sale to local investors ensures that the tower's legacy will continue to be cherished while also promising a contemporary workspace for future tenants.