After many of the forests in California had been exploited, lumber industry leaders looked towards Seattle and the Pacific Northwest. Lumber companies looked to make their fortunes by exporting lumber to such places as China, Australia, and Alaska. The industry facilitated greater investment in road and railway construction and led to the growth of cities throughout the region.
Two of the lumber industry's tycoons involved William C. Talbot and Cyrus Walker, owners of the Pope and Talbot Lumber Company, who purchased the lot in 1899 that would become the Heritage Building in 1904. The company owned the building until 1943. The Heritage Building, entirely clad in stone, is a five-story building with a full basement that is noted or its simplicity and unity of its classical design. In 1982, a restoration project helped return the building to its historical appearance.
The building stands as a monument to Seattle's rapid growth in the late 19th and early 20th century, as well as the prosperity provided by shipping timber. Seattle grew, largely in part, due to gold rushes in the Yukon and Alaska, but the subsequent population and economic booms can be attributed to investors choosing Seattle as a prime location for railways, shipping, banking, and of course, lumber.