CHICAGO – July 10, 2019 — Cushman & Wakefield and KBS, one of the largest owners of commercial real estate, announced today that 500 West Madison in Chicago will become Accenture Tower, pending city approval. Accenture PLC, a leading global professional services company that provides a broad range of services and solutions in strategy, consulting, digital, technology and operations around the world, expanded 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.
Wendy Katz, Executive Director, and Matt Lerner, Senior Director, of Cushman & Wakefield represented KBS in the transaction.
Accenture Tower is a 40-story, 1.47-million-square-foot asset 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 will rebrand the lobby and amenity areas to highlight the firm’s new partnership with Accenture.
“With over 130,000 people walking through Accenture Tower on a daily basis, the building provides Accenture the ability to enhance its global brand through prominent exterior and interior signage opportunities,” said Katz. “In addition, the building brings optimal flexibility and growth for Accenture to achieve its goal of consolidating its Chicago operations into one location.”
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).
“Our new agreement with Accenture is a testament to the building’s exceptional amenities and prime location, which are aimed to provide tenants a unique work-play lifestyle,” said Dan Park, senior vice president at KBS and asset manager for the property. “Anything one could possibly need during their workday is offered in the Accenture Tower. We are pleased to welcome Accenture as the new anchor tenant and look forward to continuing our partnership.”
Accenture Tower is situated in the center of the hottest Chicago submarkets, including West Loop, Fulton Market and River North. Historically, the West Loop offered the highest concentration of Class A and Trophy office assets in the Midwest. Fulton Market, is a new, up-and-coming, eclectic area of Chicago, encompassing headquarters of top companies such as Google and McDonald’s and a growing list of restaurants, bars, entertainment and residences in the area.
“We packed Accenture Tower with a wealth of amenities because we want our tenants, their employees and visitors to have their best experience when they are in the building.” said Marc DeLuca, regional president Eastern United States for KBS. “We could not be happier to have such a highly regarded global firm in our flagship Chicago property.”
Please find additional photos of the property here.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
KBS is a private equity real estate company and an SEC-registered investment adviser. Founded in 1992 by Peter Bren and Chuck Schreiber, it is recognized as one of the largest commercial office owners globally. Since inception, KBS-affiliated companies have completed transactional activity of approximately $40 billion via 16 separate accounts and six commingled funds, for government and corporate pension funds.