Home Commercial Seattle Children’s Hospital Buys 468,000 SQFT Office Property, Providence Headquarters in Renton...

Seattle Children’s Hospital Buys 468,000 SQFT Office Property, Providence Headquarters in Renton for $84MM

Seattle Children’s Hospital, Renton, King County, Puget Sound, Providence Health & Services, Hilton Garden Inn, Larkspur Landing Renton, Cedar River Corporate Park, Walmart, D K Market, Waterworks Gardens, Black River Riparian Forest and Wetland, Green River Trail, Seattle Children’s Research Institute

By Kate Snyder

Two major health providers were involved in a recent transaction that saw several facilities and a vacant plot of land trade hands in Renton, according to King County public records. Seattle Children’s Hospital purchased a four-building office park and two other buildings from Providence Health & Services for $84 million, or approximately $179 per square foot. A 9.5-acre vacant lot was also included in the deal. The site was Providence’s Washington headquarters.

The properties are all located on Lind Avenue – 1801 Lind, 2001 Lind, 2201 Lind and 2101 Lind – and records show that Providence had been the owner for approximately 15 years. The four-building office park was constructed in 1981, records show, and the other two structures were built in 1987 and 1991.

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.

“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.”

The property is located just south of I-405 and west of State Route 167. Nearby businesses include the hotels Hilton Garden Inn and Larkspur Landing Renton, the Cedar River Corporate Park and several retail facilities such as Walmart and D K Market. Nearby local attractions include the Waterworks Gardens at Black River Riparian Forest and Wetland and the Green River Trail.

Seattle Children’s is dedicated to patient care and pediatric research. Together with the research institute and foundation, the group’s mission is to “provide hope, care and cures to help every child live the healthiest and most fulfilling life possible,” the organization’s website states. The hospital is ranked as one of the top children’s hospitals in the country by U.S. News & World Report, and it serves as the pediatric and adolescent academic medical center for Washington, Alaska, Montana and Idaho. Seattle Children’s Research Institute is internationally recognized for its work in neurosciences, immunology, cancer, infectious disease and injury prevention.

Providence has 120,000 caregivers in 52 hospitals, 1,085 clinics and a comprehensive range of health and social services across Alaska, California, Montana, New Mexico, Oregon, Texas and Washington, according to the organization’s website.

“We use our voice to advocate for vulnerable populations and needed reforms in health care,” the website states. “We are also pursuing innovative ways to transform health care by keeping people healthy, and making our services more convenient, accessible and affordable for all.”