Smith Tower, Seattle. Have you heard of it?
The Beginning
Smith Tower is arguably is one of Seattle's most well-known and iconic landmarks, second only to the Space Needle, at least to Seattleites. When it was completed in 1914, the 522-foot office tower was the 4th tallest structure in the world. Only the Washington Monument, the Woolworth Building and the Eiffel Tower were taller. And, it remained the tallest building west of the Mississippi River for 50 years.
The Smith Tower is reminiscent of Manhattan skyscrapers - steel-framed, terra-cota exterior, onyx and marble interiors, bronze window frames, steel doors engraved to resemble mahogany and brass & copper caged elevators with uniformed operators.
On the 35th Floor of the tower are the observation deck and the famed Chinese Room, named so because of the room's carved wood and porcelain ceilings which were gifts from the Empress of China. Today, the Chinese Room serves as a reception hall. The pyramid atop the tower used to house a water tank but is now the lone apartment space in the building. 
Last year, Walton Street Capital purchased the building for $48 million. Since then, two of the building's largest tenants indicated they will be vacating, leaving Walton Street with the prospects of having to find new commercial tenants while competing against modern office towers.
A Second Life
Three weeks ago, Walton Street announced a proposal to convert the tower into condominiums with 150 units, suggesting it would be a better option than continuing to operate the building as office space. News of the proposal, depending on who you speak to, elicites praise and excitement, or disgust and despair. Most of those who oppose the conversion are small business owners that depend on office workers for their business (e.g. restaurants and delis that depend on lunch time crowds).
Whatever its faith, it'll be a long process. The tower has landmark status and must obtain approvals from the Preservation Board, the Landmark Board, and the city's planning department, not to mention a zoning change. But, they are moving forward. Last week the architect for the conversion met with the Preservation Board.
Oh...Smith Tower was built by L.C. Smith of Smith-Corona Typewriter and Smith firearms fame, though he did not live to see it finished.
Take a virtual tour of Smith Tower.
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