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August 5, 2020
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LPC West and Cerberus Capital Management Buy 400k sf WA Office Campus


LPC West, the West Coast arm of Lincoln Property Company, has partnered with an affiliate of Cerberus Capital Management L.P. in the acquisition of Triton Towers, a 400k sf office campus in Renton, WA. The price was not given out.

LPC West and Cerberus are planning a series of upgrades to the campus, which consists of three seven-story, mid-rise buildings. The work will include 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% leased to a diverse mix of tenants.

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 boasts prominent freeway frontage and visibility, abundant parking, outdoor common areas, a fitness center, and secure bike storage.

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.

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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