Transwestern Named Exclusive Leasing & Management Agent For 500 West Madison In Chicago

KBS REIT III has acquired the 1.5 million-square-foot Class A office building that sits atop the Ogilvie Transportation Center, a commuter train hub

News provided by

Transwestern

Dec 17, 2013, 04:43 ET

CHICAGO, Dec. 17, 2013 /PRNewswire/ -- Transwestern today announced that it has been named the exclusive leasing agent and property manager for Citigroup Center, a 1.5 million-square-foot, Class A, mixed-use tower located at 500 West Madison Street in downtown Chicago. KBS Real Estate Investment Trust III ("KBS REIT III") purchased the property for approximately $425 million plus closing costs.

KBS REIT III, a public non-traded real estate investment trust based in Newport Beach, Calif., has selected Transwestern to lease and manage the 40-story skyscraper in Chicago's West Loop, which is currently 93 percent leased. KBS is one the nation's most active buyers of office properties and also owns the 1.3 million-square-foot, trophy-class office tower at 300 N. LaSalle, also in the Chicago central business district. The company is one of the most respected owner/operators in the industry and currently has 135 million square feet under management.

"500 West Madison is another recent, prominent acquisition KBS REIT III has made in the office arena," said Ken Robertson, KBS central regional president. "We feel the West Loop has become the epicenter of new development, adaptive re-use and urban renewal in Chicago's CBD, and we believe this is an iconic asset that is literally connected to the transit grid of the entire region."

500 West Madison, a LEED^® Gold certified building, sits atop the Ogilvie Transportation Center, making it ideal for commuters. The tower is home to major office tenants including Citigroup Inc. and W.W. Grainger and is the headquarters for Orbitz Worldwide Inc. Constructed in 1987 and designed by Helmut Jahn, the building is comprised of nearly 64,000 square feet of retail on the first two levels, including more than 45 stores and restaurants. The second level connects directly to a Metra rail station and offers a bridge to 2 North Riverside Plaza. Office floor sizes range from 31,000 to 47,000 square feet.

"We are honored to have been chosen by KBS as the leasing and management agent for 500 West Madison," said Michael Lirtzman, executive vice president of Transwestern. "This building's appeal to office users will only be enhanced by the strategic improvements KBS intends to implement as it takes ownership and makes a great building even better. Chicago's West Loop is a sought-after location, and we are thrilled to have the opportunity to offer tenants a home in this iconic building."

500 West Madison is Transwestern's largest leasing and management assignment in the Chicago area. With this new assignment, Transwestern's Chicago CBD leasing portfolio has almost tripled in size in 2013, placing the company among the top leasing brokerage firms in Chicago.

The Transwestern leasing team of Lirtzman and Courtney Baratz will be the exclusive leasing agents for the property.

ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 34 U.S. offices and assists clients through more than 181 offices in 40 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern.

ABOUT KBS
KBS Capital Advisors is KBS REIT III's external adviser and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment advisor founded in 1992. Since its inception, KBS Realty Advisors and its affiliated companies have completed transactional activity of approximately $26 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbscapital.com.

Media Contact:
John Herbst
312.881.7004
[email protected]

SOURCE Transwestern