A small plaza on 2nd Avenue in front of the building's main entrance, setback from the street by 18 feet (5.5 m), features terraced planters finished with polished granite and serve as a plinth.

[1][3][4] The two basement floors of the building, located below street level, housed a vault measuring 56 by 56 feet (17 m × 17 m), behind 30-inch-thick (76 cm) reinforced concrete walls and stainless steel doors in the southeast corner; the 5,000-square-foot (460 m2) vault used 335 tonnes (330 long tons; 369 short tons) of material during its construction and once included a circular staircase that was removed in 2005.

The upper floors of the building contained open offices and check processing areas, along with employee amenities such as a cafeteria and lounges.

The bank building's design has been described as one of "permanence and security", with its "austerity and visual weight [standing out] among the many Modern skyscrapers in the surrounding financial district.

[8][10] Plans for a permanent building for the Federal Reserve were drawn up in 1948 and approved for construction by the San Francisco board on February 28, 1949.

[10][11] The site at 2nd and Madison was chosen because of its proximity to the city's financial district and would replace the bank-owned Rialto Building,[12] built in 1894 and formerly home to the Seattle Public Library as well one of the first Frederick and Nelson department stores.

[8][16] The building underwent some minor alterations during its 50 years of use by the Federal Reserve, consisting mostly of routine maintenance and upgrades.

[1] The Federal Reserve announced plans in 2004 to move its Seattle branch offices to the Longacres area of Renton on 11 acres (4.5 ha) formerly owned by Boeing.

[24][25] After the building was vacated in 2008, the Tukwila-based developer Sabey Corporation negotiated a deal with the Federal Reserve Bank to purchase the property for $19.75 million.

[49] After the April 2015 purchase, Selig paid for the cleaning of the building's exterior and plaza and some interior demolition of the first and fourth floors.

The new proposed eight-story addition would have 125,000 square feet (11,600 m2) of office space and include a two-story penthouse; parts of the new structure would be illuminated at night.

[51] A third design released in late November lowered the height to seven stories and add an opaque west facade after complaints from a neighboring condominium tower.