A new binuclear "paddle-wheel" complex, [Co2(bhbz)4(EtOH)2]·4EtOH (1, Hbhbz-3,5-di(tert-butyl)-4-hydroxybenzoic acid); an isostructural zinc complex (2); a and magnetically diluted sample of [Zn1.93Co0.07(bhbz)4(EtOH)2]·4EtOH (3) were obtained. Molecular structures of 1 and 2 were determined by single-crystal X-ray diffraction. DFT calculations for 1 indicate strong Co-Co antiferromagnetic exchange interactions in the binuclear fragment. It was shown that when one paramagnetic ion in the binuclear molecule is replaced by a diamagnetic zinc(II) ion, the remaining cobalt(II) ion can be considered as an isolated center with magnetic anisotropy, the parameters of which are determined by ab initio calculations. Magnetic properties for samples 1 and 3 were investigated and analyzed in detail.