Newmark has arranged the $84 million sale of a 477,000-square-foot, two property office portfolio in Renton, WA. Seattle Children’s Hospital purchased the two assets, consisting of Southgate Campus, a 268,000-square-foot, two-building Class A complex and Valley Office Park, a four-building property totaling 209,000 square feet.

Newmark’s Garth Hogan, Kevin Shannon and Cavan O’Keefe represented the seller, Providence, in the transaction. “The sale is a great example of an ongoing Providence initiative to monetize non-strategic assets to reposition capital for future growth and reinvestment,” said Hogan. Colliers’ Sean Fulp, Ryan Plummer, and Mark Schuessler, formerly of Newmark, also represented the seller.

“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,” added Providence CIO B.J. Moore.

Southgate Campus (pictured) is located between Seattle and Tacoma along Interstate 405, minutes from numerous amenities while Valley Office Park is the current local headquarters for Providence and includes a new Pacific Medical Group multi-specialty clinic.