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May. 23, 2014

Hines, Oaktree Acquire Triton Towers in Renton

By Alex Girda, Associate Editor

One of Renton’s best-known office assets recently traded hands: A partnership of Hines and a real estate fund managed by Oaktree Capital Management purchased Triton Towers. The buyer reportedly paid a fee of around $60 million for the property, making it one of the largest deals to be completed in the area.

Triton Towers is an office campus located on a 19-acre site on the southern shore of Lake Washington. The campus comprises three seven-story steel and concrete buildings that offer a total of 407,107 square feet of office space. The class A office campus offers great proximity to three major freeways – I-405, I-5 and Highway 167 – and is also close to the Sea-Tac Airport.

The campus offers access to a number of parks and the city’s urban trail system, in proximity to public transportation, dining, shopping and cultural venues. Renton has created a name for itself as the world headquarters of Boeing Commercial Airplanes, with a large part of the city’s economy relying on the 278-acre manufacturing facility located in the area.

Ty Bennion, a managing director with Hines, said the international real estate company “could not be more excited about this asset,” which he called “the best located and most distinctive property in the entire Puget Sound region.” Meanwhile, Oaktree Managing Director Mark Jacobs underlined the company’s position in reference to the deal as “pleased to add a high-quality asset such as Triton Towers to our real estate holdings and continue to look for opportunities to grow our portfolio in the Pacific Northwest.”

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