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Lincoln Property unit, Cerberus affiliate acquire Renton, Wash., office campus

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Lincoln Property unit, Cerberus affiliate acquire Renton, Wash., office campus

LPC West and an affiliate of Cerberus Capital Management LP purchased the Triton Towers office campus in Renton, Wash.

The property covers more than 400,000 square feet across three seven-story buildings and is 60% leased to various tenants.

The Lincoln Property Co. unit and Cerberus intend to make upgrades to the campus, which includes the addition of a new tenant lounge and a conference center in Tower II.

An affiliate related to Oaktree Capital Management LP and Hines sold the asset for just under $63 million, the Seattle Daily Journal of Commerce reported Dec. 20, 2019, citing King County records.