Inside Seattle’s Crown: The Evolution of the Smith Tower Penthouse From Bohemian Haven to Luxury High-Rise Lease

Ever wondered what lies behind the teardrop-shaped windows at the top of Seattle’s Smith Tower? Hidden within its iconic pyramid-shaped crown is a one-bedroom penthouse with spectacular views and a surprisingly fascinating history that mirrors the architectural and cultural evolution of the Pacific Northwest.

Picture: historylink.org

Built in 1914 in historic Pioneer Square, the Smith Tower stands proudly as Seattle’s oldest skyscraper. For decades after its completion, it held the prestigious title of the tallest building west of the Mississippi River until 1931, anchoring the city's skyline with its striking neoclassical terracotta and steel structure. Today, everyday visitors can easily ride the vintage brass elevator up to the 35th-floor Chinese Room observation deck and bar, but the private residence tucked further above takes luxury living to an entirely different altitude.

From Industrial Water Tank to Secret Caretaker’s Quarters

For its first 80 years of existence, the tower’s Gothic-style architectural crown did not house lavish urban living quarters. Instead, it primarily concealed a massive 10,000-gallon cast-iron water tank and a cramped, utilitarian caretaker’s apartment.

Life at the top during the mid-to-late 20th century bore little resemblance to today's high-end aesthetic. During the 1970s, local artists, musicians, and writers frequently passed the small caretaker’s space among friends as an informal, bohemian crash pad. Rent back then was remarkably modest—reportedly just $300 to $400 per month for a front-row seat to the clouds.

Everything changed after new private owners took over the entire building in 1999, initiating a sweeping structural and aesthetic overhaul to rescue the aging landmark.

Petra Franklin and "The Lighthouse" Era

The true residential transformation began when choreographer and venture capitalist Petra Franklin moved into the space during the late 1990s along with her two daughters. As profiled in a 2010 New York Times feature, Franklin undertook the monumental task of renovating the long-neglected, raw apartment on a remarkably modest budget.

Resourceful Design and Bohemian Charm

• Repurposed Materials: Franklin utilized leftover marble scraps sourced from commercial office renovations throughout the lower floors of the building.
• Basement Treasures: She scoured the subterranean depths of the skyscraper, unearthing vintage carved Chinese chairs that became statement pieces for her home.
• Vertical Challenges: Before her creative intervention, the unit had sat entirely vacant for more than a decade, with raw construction ladders serving as makeshift stairways connecting the multi-level space.

Franklin affectionately nicknamed her eccentric home “the Lighthouse.” Rather than keeping it private, she turned the sky-high aerie into a legendary community gathering place, hosting high-profile political fundraisers, theater benefits, intimate concerts, and avant-garde creative events. Her daughters even enjoyed the rare privilege of reading books inside the glass globe at the absolute peak of the tower's crown.

A Million-Dollar Modern Makeover

Franklin eventually moved on, clearing the way for an even more dramatic, high-design architectural intervention led by Graham Baba Architects and Valor Builds.

The scope of the modern redesign expanded the officially advertised living space to 2,128 square feet—a notable increase from the 1,750 square feet reported during Franklin’s tenure. The updated residence features a sophisticated one-bedroom layout, flexible guest spaces, two sleek spa-like bathrooms, and an uninterrupted panorama framed by 24 iconic teardrop windows. These windows deliver stunning 360-degree views spanning downtown Seattle, the bustling shipping lanes of Puget Sound, the jagged peaks of the Olympic Mountains, the Cascades, and on exceptionally clear days, the majestic profile of Mount Rainier.

The Economics of Skyscraper Living: $17K a Month

The market reality of the Smith Tower penthouse highlights Seattle’s meteoric economic transformation over the decades. In February 2021, The Seattle Times reported that the penthouse was officially listed on the luxury rental market for a staggering $17,000 a month.

Market Comparison Metrics

• Penthouse Rent (2021 Listing): $17,000 per month
• Downtown Seattle Average Rent (2020 Baseline): ~$2,175 per month
• Historical Caretaker Rent (1970s): $300 to $400 per month

The modern asking price placed the penthouse at nearly eight times the standard monthly rent for downtown Seattle apartments during that era—solidifying its status as one of the most exclusive and expensive residential addresses in the Pacific Northwest.

Life Inside the Urban Lighthouse Today

As of October 2026, the penthouse is officially listed as leased, proving that demand for ultra-unique historic real estate remains exceptionally strong.

While Petra Franklin’s famous blue Chihuly chandelier and her daughters' whimsical indoor zip line are long gone, the core magic of the residence remains entirely intact. The extraordinary natural framing provided by the 24 historic windows continues to draw high-net-worth tenants seeking unmatched privacy and skyline drama. In fact, on a clear morning, the fortunate resident of Seattle’s most famous urban lighthouse can enjoy a completely unobstructed view of Mount Rainier directly from the bathtub—proving that some views are truly timeless.

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