NAI Hiffman, the Midwest’s leading independent commercial real estate firm, 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, Illinois.
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.
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.
NAI Hiffman has been retained as leasing agent for the building, which was constructed in 2012. Hiffman National will also serve as property manager.
Chris Bodnar of CBRE represented the seller, PGIM Real Estate and NexCore Group, in the sale transaction.
