LPC West and Cerberus have acquired Renton, Washington-based Triton Towers, an office campus. No financial terms were disclosed.
RENTON, Wash.–(BUSINESS WIRE)–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.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpcwest.com for more information.
Founded in 1992, Cerberus is a global leader in alternative investing with over $42 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.