409,000 square feet added to MOB portfolio, strengthening Advocate relationship
CHICAGO, Aug. 19, 2013 – Lillibridge Healthcare Services, Inc. (Lillibridge), the nation’s largest owner and manager of medical office buildings (MOBs) and a wholly owned subsidiary of Ventas, Inc. (NYSE: VTR), has acquired a 409,000 square foot MOB portfolio located on the campuses of five Advocate Health Care hospitals in the Chicago area.
Seven MOBs are included in the transaction, more than doubling the amount of Advocate-affiliated medical office spaced owned and managed by Lillibridge to 790,000 square feet.
The properties are on the campuses of: Advocate Good Samaritan Hospital, Downers Grove; Advocate Good Shepherd Hospital, Barrington; Advocate Christ Medical Center, Oak Lawn; Advocate South Suburban Hospital, Hazel Crest; and Advocate Trinity Hospital, Chicago.
Chicago-based Lillibridge now owns and manages 19 buildings totaling 790,000 square feet on six Advocate campuses, as well as several affiliated sites.
“We have developed a strong relationship with Advocate, and an understanding of their mission and values, after many years of collaborating with them on several projects within their system, hospitals and the Advocate Medical Group,” said Todd W. Lillibridge, President and CEO of Lillibridge Healthcare Services and Executive Vice President (EVP) Medical Property Operations of Ventas. “This MOB portfolio acquisition is another important step toward achieving our mutual goal of implementing and supporting today’s outpatient-focused healthcare delivery models.”
Advocate Health Care is recognized as one of the nation’s top 10 health systems, and it is the largest integrated health system with the most extensive physician network in Illinois.
“This acquisition of high-quality medical office buildings supports our strategy of owning and managing healthcare assets affiliated with market-leading hospitals and health systems,” added Vincent M. Cozzi, Senior Vice President, Ventas.
Since 2010 Lillibridge’s parent company, Ventas, has invested $14 billion in healthcare and seniors housing assets, including 280 medical office and outpatient facilities.
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