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Seattle Children's buys Providence HQ for $84M

Seattle Children's Hospital acquired the headquarters of Renton, Wash.-based Providence for $84 million, the Puget Sound Business Journal reported Dec. 28. 

 The sale includes three buildings that total about 319,000 square feet and an undeveloped 9.6-acre lot. The price breaks down to about $263 per square foot. The off-market transaction was recorded by King County on Dec. 28.

Providence will continue to be based at 1801 Lind Ave as part of a multi-year leaseback.

Providence acquired two of the buildings and the undeveloped lot in 2006 for $47 million, adding the third building in 2007 for $28.9 million. The headquarters previously housed 1,700 administrative employees, the Business Journal reports. Since the pandemic and the switch to a hybrid work model, Providence initially sought to lease out two of the buildings.

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