Innovatus Capital Partners Buys Seattle’s Triton Towers

Innovatus Capital Partners has acquired Triton Towers in the Seattle suburb of Renton. The three-tower class-A property totals 400,000 square feet. The purchase price was not disclosed.

Located between Bellevue and Seattle, the property is near manufacturing, aerospace and healthcare employment centers. Leading companies Boeing, Valley Medical Center, Kaiser Permanente and PACCAR Inc. are all located near the property. “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 of Innovatus, in a statement about the purchase, adding that the firm plans to complete capital improvements started by the previous ownership.

The property already features state-of-the-art conference centers, a new exercise facility with showers and lockers, shaded outdoor picnic areas, full-time day porter service, bike storage and abundant free surface parking.

Innovatus Capital Partners has retained Lincoln Property Co. West to provide property management services. The first tower has 24,413 square feet of rentable space and the second tower has 48,650 square feet of rentable space. The third tower is fully occupied.

Both Innovatus and LPC West have been expanding along the West Coast. Earlier this year, Innovatus purchased The Pinnacle, a 110,000-square-foot class-A office building in the San Diego suburb of Rancho Bernardo, from a partnership between Ascentris and Harbor Associates. The previous ownership completed upgrades to the outdoor common area patio, the lobby, the showers and locker rooms, and the addition of electric vehicle charging stations. The improvements helped drive the building occupancy from 84% at the time of the purchase to 98% at the time of the sale. In addition, the ownership increased rental rates by 20%. The leasing activity prompted the owners to sell the asset. Late last year, LPC West closed on a future 9-story building in Seattle with plans to develop the property into a life sciences space.

Seattle has been one of markets to lead the recovery following the pandemic. Seattle, San Jose-Silicon Valley, Charlotte, Austin, Salt Lake City and Raleigh-Durham had all been experiencing an expansionary trend, meaning positive net absorption percentage of office space before the pandemic, according to data from Transwestern.