![]() ![]() And if you want to hunt for the best deal outside the city. If you want to rent a two-bedroom apartment in Seattle right now, it will cost you, on average, $2,120. "This is not normal to see this large of an increase in rent in such a short amount of time, and it's got to be particularly jarring coming out of the pandemic," said Daryl Fairweather, chief economist for Redfin.Īverage rent in town has shot up 29% over the past year, according to Redfin. However, median rents around here have made a considerably sharper spike than usual. Keep in mind that this is a new apartment building, and the studio is about as big as my closet. I have a friend who is currently scrambling out of their Seattle studio apartment because the building is spiking rent nearly $600. “Try to get your groceries from the sidewalk up to that space,” he said.Seattle rents are skyrocketing again. “Each view was like a snapshot in itself.” “Your views to the outside are pretty much determined by the architecture of the pyramidal tower,” said Castanes. The average asking price for downtown apartments of all sizes was $2,175 last year, according to CoStar.įrom inside the penthouse, windows offer glimpses of downtown, Mount Rainier and ferries gliding on Elliott Bay. Rents downtown fell about 13% last year as the pandemic emptied office buildings and shuttered restaurants and theaters. ![]() Unico declined to disclose financial details of the previous lease.Īt $17,000, the apartment would rent for nearly eight times the downtown Seattle average. The space has since been renovated to a minimalist contemporary design “stripped back to the essence of Smith Tower,” said architect Jim Graham, who designed the new penthouse. The team cleared out equipment and interior walls, rerouted pipes and finished the apartment with doors, wood trim and marble repurposed from elsewhere in the tower, Castanes said. “All we saw was a bunch of pipes, mechanical stuff and the catwalks that went up.” Names and dates scrawled on the walls dated to the 1920s, he said. “It was just a mess up there,” Castanes said of the top floors of Smith Tower. The building features old-fashioned elevators that until a few years ago were operated by employees wearing suits modeled after those worn when the building opened in 1914.Īrchitect Jim Castanes, who designed the penthouse in the late 1990s, said it needed a dramatic transformation. ![]() Smith Tower includes 33 floors of office space and, as of 2016, a bar and viewing deck on the 35th floor. The penthouse is not open for public viewing and tours by would-be tenants require pre-qualification, according to Unico Properties, which owns the building along with Goldman Sachs affiliate Broad Street Principal Investments.įranklin moved out in 2019, according to Unico. “The unique aspect and the iconic aspect of the property are what are driving the interested parties,” she said. Holley said she has received “several serious inquiries,” including families with children. The new lease would be for three to five years or longer, said listing agent Moira Holley. Venture capitalist Petra Franklin famously remodeled the space into a penthouse with a 20-year lease that has now ended. Take the staircase to reach the glass globe at the very top of the tower. A catwalk surrounds the living room, and triangular windows offer views of the city and Elliott Bay. Listed for the first time since it was converted to a living space in the late ’90s, the 2,128-square-foot, one-bedroom apartment spans two levels. For the right long-term commitment, a Seattle renter could snag a unique apartment that has never been on the market before: the pyramid-shaped penthouse atop Seattle’s historical Smith Tower. ![]()
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