Occupancy climbs from 47.7% to 100% following strategic repositioning effort
NAI Hiffman, one of the nation’s largest independent real estate services companies, today announced the completion of a new 2,748-square-foot lease with Horn-McGowan Insurance Agency at 5500 Pearl Street in Rosemont, Ill., bringing the four-story office building to 100% occupancy.
The lease follows a multiyear repositioning effort led by ownership, Integris Ventures, and NAI Hiffman. Acquired in 2018 as a value-add investment with occupancy at 47.7%, the 136,973-square-foot property has since been completely re-tenanted through a comprehensive amenity and leasing strategy.
NAI Hiffman Executive Vice President Jason Wurtz, Senior Vice President Jack Reardon and Associate Broker Sarah Walker represented Integris Ventures in the lease transaction as well as the broader repositioning and lease-up of the property.
After being engaged by ownership in 2019, NAI Hiffman implemented an aggressive leasing and marketing strategy while helping oversee the delivery of a new fitness center, lounge, game room, training room and boardroom, along with upgrades to the building’s common areas. The improvements helped drive more than 66,000 square feet of leasing activity within the first year.
“This transaction is the culmination of a long-term vision shared by ownership and our leasing team,” said Wurtz. “When we began working on the property, we saw an opportunity to create a workplace environment that would stand out in the O’Hare market. By investing in amenities, delivering move-in-ready space and maintaining an aggressive leasing strategy, ownership successfully transformed the building from a value-add acquisition into a fully leased, high-performing asset.”
The building’s location within the Balmoral Business Campus, near O’Hare International Airport and major transportation corridors, also contributed to its leasing success. New spec suites delivered in recent years further accelerated activity by providing tenants with modern prebuilt office options.
The lease-up also reflects the relative strength of the O’Hare office submarket. According to NAI Hiffman research, Class A office vacancy in O’Hare stood at 26.3% in first-quarter 2026, well below the suburban average of 31.1%. Class B vacancy was also slightly lower than the suburban average, at 22.7% compared with 23%. The market’s accessibility, proximity to O’Hare International Airport and concentration of newer office product continue to attract tenants seeking high-quality workspace options.
“Achieving full occupancy in today’s office market is a significant accomplishment,” said Reardon. “This milestone reflects the effectiveness of ownership’s investment strategy and our ability to execute it, taking advantage of the property’s location within the O’Hare submarket and the continued appeal of high-quality, amenitized buildings with turnkey workspaces.”
About NAI Hiffman | Hiffman National:
NAI Hiffman is one of the largest independent commercial real estate services firms in the U.S., with a primary focus on metropolitan Chicago, and part of the NAI Global network. The firm provides 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 its clients’ growing needs outside of NAI Hiffman’s exclusive territory, the firm launched Hiffman National, a 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.
NAI Hiffman recently completed a 2,748-square-foot lease at 5500 Pearl Street in Rosemont, Ill., achieving full occupancy at the 136,973-square-foot office building. (Credit: NAI Hiffman)