SEATTLE--(BUSINESS WIRE)--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 400,000 square feet of Class A office space in Renton, Wash. – centrally located between Seattle, Bellevue and SeaTac International Airport – with direct access to public transit and the I-405 freeway. 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.
“Innovatus is proud to add Triton Towers to our portfolio as it embodies another durable asset with optionality through a mixed-use density plan. 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.”
“Triton Towers is positioned to benefit as more and more employees return to the office following the pandemic. The property and immediate surroundings feature outstanding amenities for tenants and visitors alike,” said J.P. Harlow, Senior Vice President of LPC West’s Seattle region. “We are pleased to grow our partnership with Innovatus through this exciting acquisition.” This is Lincoln Property Company’s 14th U.S. transaction with Innovatus.
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.
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 Seattle metropolitan area has experienced significant economic and population growth in recent years,” said Patrick Gilligan, Executive Vice President of LPC West’s Seattle region. “Triton Towers is well positioned to capitalize on growing economic activity in the area, and we look forward to providing property management services and ongoing leasing activity for this top property.”
Of the three-tower office campus, Tower Three is 100 percent occupied; Tower One has 24,413 rentable square feet available; and Tower Two has 48,650 rentable square feet available.
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 9-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 million square feet of office, industrial and retail uses with over one million additional square feet in planning.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 143 million square feet of commercial space and over 216,000 multifamily residential units. Lincoln Property Company is the second-largest apartment manager in the United States. Access www.lpcwest.com for more information.
About Innovatus Capital Partners, LLC
Innovatus Capital Partners, LLC, is an independent adviser and portfolio management firm with approximately $1.7B in assets under management. Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The firm has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments amongst all property types including office, retail, hotel, medical, industrial and warehouse. Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. Further information can be found at innovatuscp.com.
