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Innovatus Capital Partners Buys Triton Towers in Seattle

4/20/22

Innovatus Capital Partners LLC has acquired Triton Towers, a trio of seven-story, Class A office buildings located in a Seattle suburb that is home to global leaders in aerospace, healthcare, and other growth industries. LPC West, the West Coast arm of national real estate firm Lincoln Property Company, has been retained to provide property management services.

Triton Towers features more than 400k sf of Class A office space in Renton, WA – centrally located between Seattle, Bellevue and SeaTac International Airport – with direct access to public transit and the I-405 Fwy. The eighth largest city in Washington, Renton is home to a strong mix of manufacturing, aerospace and healthcare leaders, including Boeing, Valley Medical Center, Kaiser Permanente, and PACCAR Inc. Renton also boasts affordable home prices compared to its neighbors Seattle, Issaquah, Redmond, and Bellevue, over 2,800 acres of parks and playgrounds, and a strong local school district.

Triton Towers offers two state-of-the-art conference centers, a new exercise facility with showers and lockers, shaded outdoor picnic areas, full-time day porter service, premium bike storage and abundant free surface parking. The towers are located in a vibrant area with over 50 restaurants, cafes, shopping and grocery stores within one mile.

Of the three-tower office campus, Tower Three is 100% occupied; Tower One has 24.4k sf available; and Tower Two has 48.7k sf available.

“We see a big opportunity in Renton, which has experienced a surge in demand for high-quality office space given its locational attributes,” said Bradley Seiden, Managing Director, Innovatus. “We look forward to finishing the capital improvements started by previous ownership and creating a best-in-class work environment that attracts top-caliber tenants.”

This deal marks Lincoln Property Company’s 14th U.S. transaction with Innovatus. In December 2021, Innovatus acquired The Pinnacle, a five-story office building in the heart of Rancho Bernardo, with LPC West onboard to provide property management services. Rancho Bernardo is a San Diego community that is home to some of the world’s leaders in technology and innovation.

The partnership with Innovatus allows LPC West to continue expanding its presence in Seattle and the Pacific Northwest. Late last year, LPC West closed on a future nine-story building near Seattle’s Space Needle, with plans to develop the property into a life sciences space. LPC West’s Seattle portfolio consists of approximately 1.5 msf of office, industrial and retail uses with over 1 msf additional space in planning.





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