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1/03/23
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Seattle Children’s Hospital purchased Southgate Campus, a two-building, Class A office campus totaling 268k sf and Valley Office Park, a four-building 209k sf office park, in Renton, WA for a total price of $84 mil. The assets were sold by Providence.
Southgate Campus is comprised of two buildings, Southgate I, located at 2201 Lind Avenue SW, totaling 114.2k sf and Southgate II, located at 2001 Lind Avenue SW, totaling 160.9k sf. The campus also includes a vacant land parcel. Southgate is conveniently located between Seattle, Bellevue and Tacoma along I-405 and minutes from numerous restaurants, retail amenities and hotels including access to multiple lakeside and riverfront parks.
The Valley Office Park, located at 1801 Lind Ave SW, is the current local headquarters for Providence and also includes a new Pacific Medical Group multi-specialty clinic.
Newmark Executive Managing Director Garth Hogan and Co-Head, U.S. Capital Markets Kevin Shannon, in cooperation with Senior Managing Director Cavan O’Keefe, represented Providence in the transaction. Newmark’s Hogan has worked with Providence for over five years, brokering multiple transactions on their behalf regionally.
“This move is in alignment with our desire to move further toward a hybrid work model, aimed at increasing flexibility, enhancing collaboration, and providing a more modern experience for our caregivers,” said B.J. Moore, CIO and Executive Vice President of Real Estate Operations and Strategy for Providence. “We’ve redesigned several administrative spaces, creating more shared workstations and collaboration rooms in buildings on the Renton campus. Though multiple organizations were interested in purchasing our property, we chose Seattle Children’s because their mission aligns closely with our own, and we’re excited about their plans to create greater access to care for pediatric patients, who are a vulnerable population.”
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