Hines and Oaktree venture acquires Triton Towers
Hines, the international real estate firm, along with a subsidiary of a real estate fund managed by Oaktree Capital Management, has acquired Triton Towers in Renton, Washington.
Located 11 miles southeast of Seattle on the southern shore of Lake Washington, the Class A office complex is situated with prominent visibility and access to three major freeways - I-405, I-5 and Highway 167 - just minutes from the Sea-Tac Airport.
Financials on the deal were not disclosed.
The 19-acre Triton campus comprises three, seven-story steel and concrete buildings, totalling 407,107 square feet, including a conference centre.
Renton is known as the home of Boeing's 278-acre manufacturing facility, as well as Boeing Commercial Airplanes' world headquarters.
"We could not be more excited about this asset," says Ty Bennion, Hines managing director. "Triton Towers is the best located and most distinctive property in the entire Puget Sound region."
Mark Jacobs, managing director of Oaktree, says: "We are 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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