By Jack Stubbs
Hines, an international real estate firm based in Los Angeles, CA, recently sold—as part of two separate transactions that were recently recorded—three office buildings totaling approximately 269,400 square feet for a combined $63 million, King County records show. The acquisition was a joint venture between an entity affiliated with Lincoln Property Company, based in Los Angeles, and Cerberus Capital Management.
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 in a statement. “We expect the area will continue to attract regional growth and we look forward to welcoming new job-creating tenants to Triton.”
Triton Tower One, which is located at 555 S. Renton Village Place and totals 136,712 square feet, sold for $26 million, or around $190 per square foot, according to public documents. Triton Tower Two, which is located at 700 S. Renton Village Place and totals 137,000 square feet, sold for $11.3 million, or about $82 per square foot. Triton Tower Three, located nearby at 707 S. Grady Way, sold for $25.7 million, or approximately $193 per square foot.
The Triton Towers campus spans 19 acres and comprises three seven-story steel and concrete buildings which together total 407,109 square feet, according to Hines’ web site. The complex offers various amenities to tenants including state-of-the-art conference centers, outdoor picnic areas, free surface-parking, and bike storage.
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.”
According to Google Maps, some of the current tenants of Tower One and Tower Three, respectively, include GHG Law Group PLLC, Full Steam Staffing, ANC Consulting, CityU of Seattle, Horizon Lines and Pima Medical Institute. Tower’s Two Tenants, also according to Google Maps, includes a local trial attorney and Boeing.
Triton Towers is located roughly thirteen miles southeast of Seattle and eleven miles from Bellevue, also offering convenient access to major transit corridors like I-405 and I-5. The complex is also just minutes from Sea-Tac Airport to the north, and is also proximate to several of Renton’s parks, open spaces and urban trail systems.
Hines, a privately owned global real estate investment firm founded in 1957, has a presence in 207 cities across 24 countries, according to the company’s web site. Since its founding, Hines has developed, redeveloped or acquired 1,319 properties totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet.