RENTON, Wash. - TelAve -- The Andover Company is pleased to announce its pivotal role in the largest office lease transaction in the Puget Sound region so far this year. Providence has signed a 10-year lease for 259,570 square feet at the Longacres campus in Renton, further establishing the city as a premier regional health care hub.

The transaction involves the Glacier and Baker buildings, located at 1200 and 1300 SW 27th St. These buildings, which feature large floor plates ranging from 40,000 to 50,000 square feet, were previously occupied by Kaiser Permanente. Providence is scheduled to move into the new space in 2027.

Jim Bisset and Mike Hemphill of The Andover Company helped co-broker the significant deal on behalf of Kaiser Permanente. The transaction was completed in coordination with JLL's national team, while CBRE represented Providence.

"Kaiser was targeting large, full-floor users, which naturally narrowed the tenant pool," said Jim Bisset of The Andover Company. "With large floor plates, Kaiser prioritized tenants capable of absorbing significant contiguous space, contributing to a longer lease-up timeline."

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This lease follows Providence's 2022 sale of its nearby three-building headquarters to Seattle Children's. The commitment to Longacres underscores the growing momentum of Renton's health care cluster, which also includes plans for a new pediatric care center by Seattle Children's on the former Providence site.

According to recent market reports, this deal has played a significant role in boosting overall absorption in a market currently driven by health care, legal, and artificial intelligence sectors.

About The Andover Company

The Andover Company is a leading commercial real estate brokerage firm specializing in the Pacific Northwest market. With a focus on industrial and office sectors, the firm provides expert tenant and landlord representation, helping clients navigate complex real estate landscapes to achieve their strategic goals.

For more information, visit https://www.andoverco.com