New owners to breathe life into Triton Towers

New owners have acquired Triton Towers, the three mid-rise office buildings along Southwest Grady Way and Interstate 405 (I-405), with plans to revamp the buildings as office space demand continues in the region.

The new owners, Lincoln Property Company (LCP) West and Cerberus Capital Management, LP, plan to upgrade the three towers, including the buildings’ exteriors and lobbies. A press release states the owners also hope to add a new lounge and a “state of the art” conference facility in tower two.

“With Renton’s strategic location and its strong growth, we are excited about the great opportunities for Triton Towers,” Tom Wagner, Head of North American Real Estate at Cerberus, stated in a press release. “We look forward to leveraging our experience and expertise, alongside LPC West, to transform Triton Towers into a Class A property that meets the contemporary needs of a variety of leading companies.”

Renton City Senior Planner Vanessa Dolbee said the towers have not changed over the last decade.

The towers were constructed in the 1980s, and have struggled to keep a full set of tenants over the recent years. Around 2005 the building was nearly vacant and known as Renton Place. The campus then reached 100 percent occupancy for the first time in 2009, after it was renamed Triton Towers.

Boeing offices were one of its main tenants but since has reduced the use of Triton. New tenants have come in, Dolbee said. Today it sits at around 60 percent occupancy, according to a press release from the buyer.

Amazon also has a city permit to park many of its delivery vans on one of the Triton parking lots, an indication that the buildings have a high vacancy. The city was concerned if the tenants would have enough parking with the vans there, but numbers from the offices indicated the vacancies, Dolbee said.

As this change in hands takes place, the city is taking a close look at Triton Towers in an upcoming Transit-Oriented Development (TOD) Subarea Plan. The plan was proposed to strategically place growth around the new south Renton transit center, set at the corner of Rainier Avenue and Grady Way, and create an incentive for private transit-oriented development.

According to city documents, the plan will “create a vision and strategies for a multi-modal neighborhood around the planned transit center that facilitates mixed-use development… and establishes a neighborhood that’s distinct from downtown.” The plan will also name and justify possible zoning changes in the area.

Dolbee said she has met with the new Triton owners and intends to keep the office towers for their intended use, but was curious about what the zoning allowed on the property. She said she encouraged them to be engaged in the city’s upcoming study and planning process.

J.P. Harlow, Senior Vice President of LPC West, stated in the release that he expects Renton to continue to attract growth and that Triton will welcome job-creating tenants to the office campus.

“Triton Towers provides an exciting opportunity to capitalize on the growth of the area by making sizable improvements that will continue to transition the campus into a competitive office property that can accommodate creative and traditional uses,” Harlow stated in the release.

The press release also highlights the offices’ proximity to I-405 and the future Renton transit center, as well as The Landing, hotels, Cedar River Park, Carco Theatre and the upcoming Topgolf facility. The office campus includes over 400,000 sq. ft of office space and has a fitness center, outdoor common areas and secure bike parking.

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