KBS REIT III Signs 15,000 SF in Leases at 500 West Madison in Chicago
KBS Real Estate Investment Trust III, a publicly registered non-traded REIT, signed two leases totaling 14,817 square feet at 500 West Madison, Chicago’s largest Class A, LEED Gold-certified tower.
TalentSprout by Sykes Enterprises renewed and expanded a 10,425-square-foot lease, and OpenMarkets signed a new 4,392-square-foot lease.
As reported by The DI Wire, the property was originally acquired by the REIT in December 2013 for $425 million.
500 West Madison, located in the city’s West Loop neighborhood, is a 40-story, 1.46 million-square-foot property that sits above Ogilvie Transportation Center, one of two main suburban train stations connecting Chicago’s suburbs with the central business district. The first two levels of the property contain 64,289 square feet of retail space with 45 stores and restaurants.
“500 West Madison’s many on-site amenities, accessibility and premier location make it a truly desirable office location,” said Brett Merz, senior vice president at KBS. “Great companies like TalentSprout by Sykes Enterprises have made this their home, and we are pleased that they will remain a valued KBS tenant. We are also looking forward to welcoming OpenMarkets.”
On-site amenities at the tower include a conference center with three separate conference and meeting rooms, and a two story fitness center with cardiovascular equipment, weights, group training areas, locker rooms with showers, and a basketball court. 500 West Madison also has a 55-space executive parking garage, 24/7 security, a tenant lounge with private wine storage lockers, multiple seating areas and a full-service kitchen.
Sykes Enterprises provides customer contact management solutions and services in the business process outsourcing arena, serving the communications, financial services, technology, healthcare and transportation and leisure industries.
OpenMarkets is a technology company in the healthcare equipment marketplace used by healthcare providers and equipment suppliers.
KBS Real Estate Investment Trust III invests in a diverse portfolio of real estate investments, primarily focusing on core office properties located throughout the United States. KBS Capital Advisors is the external advisor to KBS Real Estate Investment Trusts. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.1 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.