(RENTON, WA.) – Hines, the international real estate firm, announced today that along with a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P. (Oaktree), it has acquired Triton Towers in Renton, WA.
Located 11 miles southeast of Seattle on the southern shore of Lake Washington, the Class A office complex is conveniently situated with prominent visibility and convenient 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, totaling 407,107 square feet, including a state-of-the-art conference center.
Its central location affords easy access to Renton’s numerous parks and an extensive urban trail system as well as public transportation, restaurants, retail and cultural centers.
Most notably, 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,” said 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, said, "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."
Oaktree is a leader among global investment managers specializing in alternative investments, with $86.2 billion in assets under management as of March 31, 2014. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 800 employees and offices in 16 cities worldwide.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 391 properties totaling 161 million square feet, which includes 89.1 million square feet for third parties. With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.