Two tetranuclear hydroxide‐bridged mixed‐valence cobalt complexes, one having 4‐nitrophenolate anions and other having 4‐nitrophenol as guest, namely [(μ2‐dea)2(phen)2Co2(μ3‐OH)2Co2(phen)2](np)4•H2O (1), [(μ2‐dea)2(phen)2Co2(μ3‐OH)2 Co2(phen)2]Cl4•2Hnp•9H2O (2) (Hnp=4‐nitrophenol, phen=1,10‐phenanthroline, dea=di‐deprotonated diethanolamine) were synthesized and structurally characterized. Complex cation of these two complexes are based on Co4O4(OH)2 units where two cobalt ions are in Co2+ and other two are in Co3+ oxidation states. Reaction of same set of reactants namely phen, Hnp and diethanolamine with cobalt nitrate in presence or absence of hydrochloric acid resulted complex 1 and 2 respectively. The two triply‐bridging hydroxides of complex 1 are in identical environment, but the complex 2 has two triply‐bridging hydroxides in slightly different environments having differences in Co‐O(hydroxide) bond distances around them. Complex 2 is ferromagnetic and shows field induced Single Molecule Magnets (SMM) behavior.