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.
“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
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).
“The building brings optimal flexibility and growth for
Accenture as it unites its Chicago-based people in one location,” said Wendy
Katz, executive director, agency leasing for Cushman and Wakefield who brokered
the deal for KBS. “Accenture Tower is situated in the center of the hottest
Chicago submarkets, including the West Loop, Fulton Market and River North,
making it a prime location for Accenture’s people.”
Historically, the West Loop offered the highest
concentration of Class A and Trophy office assets in the Midwest. In addition,
Fulton Market, is a new, up-and-coming, eclectic area of Chicago, including
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 company in our flagship Chicago property.”
According to Cushman & Wakefield’s Q1 Chicago Office
report, office-using employment has demonstrated a 1.7 percent growth rate
annually in Chicago’s Business District. One of the sole reasons for driving
growth is investor demand for highend Class A and trophy towers.
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.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended including statements relating to KBS REIT III’s ability to invest in and manage a diverse portfolio, and the performance of Accenture Tower and of the Chicago real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS REIT III’s and/or Accenture Tower actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.