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LPC West and Cerberus Capital Management Buy 400k sf WA Office Campus

1/20/20

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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