Providence finalizes sale of Renton campus to Seattle Children’s Hospital
Providence is pleased to announce that it has closed on the sale of the Renton, Wash. headquarter campus to Seattle Children’s Hospital, which has purchased the campus to be the site of a future development for the delivery of pediatric care across the Puget Sound region.
The sale includes the Providence Southgate Campus, a two-building Class A office campus totaling 268,000 square feet, and Providence Valley Office Park, a four-building 209,000-square-foot office park. Seattle Children’s Hospital purchased the assets for a total of $84 million.
"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. We’ve redesigned several administrative spaces, creating more shared workstations and collaboration rooms in buildings on the Renton campus," said B.J. Moore, CIO and executive vice president of real estate operations and strategy for Providence. "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."
Providence will continue to occupy the Morin and Gamelin buildings on the campus through a multi-year lease-back arrangement. We have also signed a lease agreement to keep the new PacMed Renton clinic on the first floor of the Pariseau building for the next 10 years.