March 2026
NAI Hiffman Brokers Long-Term Lease of 174,855-Square-Foot Medical Office Building on Silver Cross Hospital Campus in New Lenox, Ill.
NAI Hiffman Brokers Long-Term Lease of 174,855-Square-Foot Medical Office Building on Silver Cross Hospital Campus in New Lenox, Ill.
Lease to high-credit tenant spurs $88.6 million sale; Hiffman named leasing agent and property manager
By Wendell Huston
OAKBROOK TERRACE, Ill. (March 5, 2026) — NAI Hiffman, the Midwest’s leading independent commercial real estate firm, today announced it brokered a long-term lease for Silver Cross Hospital at 1890 Silver Cross Blvd., a six-level, 174,855-square-foot medical office building known as Pavilion A in New Lenox, Ill. Immediately following execution of the lease, the building was sold for $88.6 million to Chicago-based Farpoint and Dallas-based The Landes Group.
The transaction included the renegotiation of Silver Cross’ existing lease and established Silver Cross as the largest tenant in the building, which is 96% occupied. Silver Cross will retain its footprint on the first and lower-level floors plus the upper levels. Existing healthcare providers, including the Shirley Ryan AbilityLab at Silver Cross, Duly Health and Care, DaVita, Rush University Medical Center and UChicago Medicine will also remain in place.
Perry Higa, executive vice president and partner at NAI Hiffman, represented Silver Cross in executing the long-term lease, which was completed at a net per-square-foot rate significantly below the early renewal rate he negotiated on behalf of Silver Cross in May 2025. Pavilion A has a weighted average lease term of more than 12 years.
“The building became significantly more attractive to buyers knowing the medical office building would be leased to the largest tenant, which is credit rated,” said Higa. “We were able to reduce Silver Cross’ overall net rent while enhancing the property’s value. It’s a win-win transaction, and Silver Cross will have the opportunity to purchase the building at the end of the lease term.”
Vince Pryor, executive vice president and chief financial officer of Silver Cross Hospital, said the long-term lease aligns with the health system’s long-term mission and financial stewardship goals.
“Our top priority is delivering exceptional care to our patients while continuing to serve the rapidly growing southwest suburban region,” said Pryor. “By optimizing our real estate structure and lowering occupancy costs, we are generating savings that can be redeployed into strategic priorities, including clinical programs, expanded services and advanced medical technologies that directly benefit our patients and community.”
NAI Hiffman has been retained as leasing agent for the building, which was constructed in 2012. Hiffman National will also serve as property manager.
“With the long-term early lease renewal in place and the lease renegotiated, we were able to significantly enhance the asset’s investment value, which was a key factor in the buyer’s decision to purchase the medical office building,” said Higa, who has represented Silver Cross since 2004.
Chris Bodnar of CBRE represented the seller, PGIM Real Estate and NexCore Group, in the sale transaction.
Additional Sources:
From “PGIM Sells Chicago Medical Building” – CPE
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About NAI Hiffman:
NAI Hiffman is one of the largest independent commercial real estate services firms in the US, with a primary focus on metropolitan Chicago, and part of the NAI Global network. We provide institutional and private leasing, property management, tenant representation, capital markets, project services, research, and marketing services for owners and occupiers of commercial real estate. To meet our clients’ growing needs outside of our exclusive NAI Hiffman territory, we launched Hiffman National, our dedicated property solutions division, which provides property management, project services, and property accounting services across the country. NAI Hiffman | Hiffman National is an award winning company headquartered in suburban Chicago, with more than 275 employees strategically located throughout North America.
About Hiffman National:
Hiffman National is one of the US’s largest independent commercial real estate property management firms, providing institutional and private clients exceptional customized solutions for property management, project management, property accounting, lease administration, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally bestowed Top Workplace, and recognized CRE award winner, Hiffman National is headquartered in suburban Chicago, with more than 275 employees nationally and an additional six hub locations and 25 satellite offices across North America.
