KBS Real Estate Investment Trust III's 500 West Madison to be Rebranded as Accenture Tower
July 10, 2019 at 01:06 pm EDT
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KBS announced that 500 West Madison in Chicago will become Accenture Tower. On July 10, 2019, alongside Illinois Governor JB Pritzker and Chicago Mayor Lori Lightfoot, Accenture announced its lease at the property by 152,454 square feet and now leases a total of 226,486 square feet, making it the anchor tenant of the building. The property is owned by KBS Real Estate Investment Trust III. Accenture Tower is a 40-story, 1.47-million-square-foot tower located in Chicago’s West Loop. The post-modern styled building sits above Ogilvie Transportation Center, one of the main suburban train stations connecting downtown Chicago to the suburbs, providing direct access to city trains, buses and expressways. The first two levels of the property are comprised of 80,000 square feet of retail space, with more than 45 stores and restaurants. KBS intends on rebranding lobby and amenity areas to highlight their new partnership with Accenture. Built in 1987, Accenture Tower was Chicago’s first and largest full-service office location. The property currently holds a record for the largest Class A, LEED Gold-certified building in Chicago for its environmental sustainability. KBS underwent a multi-million-dollar renovation of the property in 2015 with the intent of providing tenants best-in-class services and amenities. The property now features a two-level fitness center spanning 14,000 square feet, with a basketball court, group exercise classes, and a new tenant lounge with air hockey, shuffle board and wine lockers. The property has been named Building of the Year on two separate occasions by the Building Owners and Managers Association (BOMA). Kyle Kamin, Todd Lippman and Michael Dash of CBRE represented Accenture PLC and Wendy Katz and Matt Lerner of Cushman & Wakefield represented KBS in the transaction.
KBS Real Estate Investment Trust III, Inc. is a real estate investment trust (REIT). The Company acquires and manages a diverse portfolio of core real estate properties. The Company conducts its business through KBS Limited Partnership III (the Operating Partnership). The Company's primary investment focus was core office properties located throughout the United States, through which the Company invests in other types of properties and real estate-related investments. The Company owns approximately 16 office properties, one mixed-use office/retail property and an investment in the equity securities of a Singapore real estate investment trust (the SREIT). The primary types of office properties the Company intends to invest in include low-rise, mid-rise and high-rise office buildings and office parks in urban and suburban locations. The Company is managed by KBS Capital Advisors LLC.