Transwestern Named Exclusive Leasing & Management Agent For 500 West Madison
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
CHICAGO, Dec. 17, 2013
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
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
"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.
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:
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
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