LPC West, the West Coast arm of national real estate firm Lincoln Property Company, together with an affiliate of Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, has acquired Triton Towers. The office campus, located in Renton, Washington, encompasses more than 400,000 square feet across three mid-rise buildings.
Renton, which is near Seattle and Bellevue, has experienced a surge in demand for high-quality office space as a result of the significant expansion of Seattle employment into the area. The office campus includes 3 seven-story office buildings, prominent freeway frontage and visibility, abundant parking, outdoor common areas, a fitness center, and secure bike storage.
LPC West and Cerberus are planning a series of upgrades to the campus, including renovations to the building exteriors and lobbies of all three towers as well as the addition of a new tenant lounge and state-of-the-art conference facility in Tower II. Currently, the campus is 60 percent leased to a diverse mix of tenants.
“Triton Towers provides an exciting opportunity to capitalize on the growth of the area by making sizable improvements that will continue to transition the campus into a competitive office property that can accommodate creative and traditional uses,” said J.P. Harlow, Senior Vice President of LPC West. “We expect the area will continue to attract regional growth and we look forward to welcoming new job-creating tenants to Triton.”
The campus has direct access to the I-405 as well as public transportation facilities including the Renton Transit Center and the Renton Park & Ride. Currently, there are several major public transit projects underway in Renton, which will further enhance mobility in the area.
Tom Wagner, Head of North American Real Estate at Cerberus, added, “With Renton’s strategic location and its strong growth, we are excited about the great opportunities for Triton Towers. We look forward to leveraging our experience and expertise, alongside LPC West, to transform Triton Towers into a Class A property that meets the contemporary needs of a variety of leading companies.”
Several nearby amenities include The Landing, a premier outdoor retail center, as well as several new hotels, a soon-to-be-built TopGolf, and Cedar River Park, a community park featuring multi-use athletic fields, an aquatic center and a 300-seat amphitheater.
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