Health care system Providence has signed a lease for 259,570 square feet at the Longacres campus in Renton, Washington.
The transaction marks the largest office deal in the Puget Sound region so far this year, reported the Puget Sound Business Journal. The buildings, located at 1200 and 1300 SW 27th St., sit a few blocks from Providence’s current administrative offices on Lind Avenue Southwest. Providence plans to move into the buildings in 2027, taking over offices previously occupied by Kaiser Permanente.
The 10-year deal was signed last quarter, according to a recent CBRE market report. The deal follows Providence’s 2022 sale of its three-building headquarters in Renton, totaling 319,000 square feet, to Seattle Children’s for $84 million.
According to the CBRE report, local leasing activity has been driven largely by health care and legal users, with an additional 65,000 square feet occupied by artificial intelligence-related tenants. Providence’s lease played a significant role in increasing overall absorption.
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