Providence Sells 468,000-Square-Foot Office Portfolio in Renton, WA

Providence sold Southgate Campus, a two-building Class A office campus totaling 268,000 square feet and Valley Office Park, a four-building 209,000-square-foot office park, in Renton, Washington. Seattle Children’s Hospital purchased the assets for a total of $84 million.

Southgate Campus is comprised of two buildings, Southgate I, located at 2201 Lind Avenue SW, totaling 114,186 square feet and Southgate II, located at 2001 Lind Avenue SW, totaling 160,853 square feet. 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 the seller in the transaction. Newmark’s Hogan has worked with Providence for over five years, brokering multiple transactions on their behalf regionally.