Will Seattle's iconic Smith Tower turn into a condominium project?

The new owners of the 93-year-old building said they're examining changing the historic building's use from office to residential.

Walton Street Capital bought Smith Tower last April from the Samis Foundation for about $43 million. The building was built by typewriter magnate Lyman C. Smith, of Smith-Corona fame, and was Seattle's first skyscraper when it opened in 1914.

Walton Street officials said two key tenants are leaving Smith Tower, so they're looking at "all possible current and future uses" of the building.

"With the recent announcement of two major tenants leaving the building, we are at a crossroads and believe it's prudent for us to explore a residential use for Smith Tower," said Michael Allmon, Chicago-based Walton Street Capital's operating partner, in a statement.