Since 2004, the ownership of the Colony Club Building has changed hands several times. Its terra-cotta upper story, with three sets of tri-partite windows, was also protected with plywood to guard against squatters. As of 2019, the Colony Club Building was boarded up and vacant. In 2008, a business, X-Ray Specs, a store selling vinyl LPs, CDs, videos, comics and electronics, occupied the middle storefront at 1925 5th Avenue. The business, Superior Repographics, occupied portions of the building before the 2000s. In c.1949, the International Business Machine Company (IBM) expanded its adjacent operations (in the building to the north) and took over this building, and undertook major interior alterations to create additional IBM offices." (See City of Seattle, Department of, " Seattle Historical Sites Summary for 1923 5th AVE / Parcel ID 0659000435," accessed. By 1938, the owner of record was Pacific Mutual Life of California. The upper floor level served as the Colony Club between 19 and later as the Musician’s Club of Seattle.
By 1937, two storefronts were in use by the National Cash Register Company and a third storefront housed a coffee shop. The original tenant or tenants are not known. Creutzer and intended for retail commercial and loft or office uses. It was designed by noted architect John A. Creutzer, (1873-1929), designed the Colony Club Building: "This building was constructed in 1928 for the 5th Avenue Holding Company, believed to be a commercial real estate development firm, at a cost of $40,000.
According to the CIty of Seattle's Department of Neighborhoods Seattle Historic Sites database, Swedish-born architect Johan A. The Colony Club Building, notable for its colorful, terra-cotta facade, housed retail businesses, leaving the second floor for other tenants. Development of higher-rise buildings had not extended this far north, and a number of lower-rise commercial and residential blocks were built in this section of Downtown Seattle, as it moved toward Belltown. This two-story, commercial building was economically viable when it was built in 1928. The 5th Avenue Holding Company erected this modestly-scaled, two-floor, mixed-use building in 1928, when this part of Downtown Seattle was relatively sparsely developed.