500 West Madison in Chicago rebranded Accenture Tower
The 40-story, 1.47-million square foot tower in Chicago’s West Loop area, formerly the Citigroup Center, is being rebranded to Accenture Tower.
The rebranding of the tower flows from Accenture’s decision to bring all of its 6,200 Chicago area employees to 500 West Madison Street. The management and technology consultancy expanded its lease at the property by 152,454 square feet, giving it a total 226,486 square feet – and making Accenture the anchor tenant.
Accenture has further plans to add 600 tech workers to its centralized Chicago location by 2022.
Owned by commercial real estate giant KBS, newly dubbed Accenture Tower was built in 1987, and sits atop Ogilvie Transportation Center, a main suburban train station in the rapidly gentrifying West Loop area of Chicago’s Near West Side. The first two levels of the tower are comprised of more than 45 stores and restaurants, and KBS plans to rebrand the lobby and amenity areas to highlight the new partnership with Accenture.
The Helmut-Jahn-designed postmodern office tower underwent a multi-million-dollar renovation in 2015, and now features a two-level fitness center spanning 14,000 square feet, and a new tenant lounge.
“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.”
Nearby Fulton Market, formerly a meat-packing, warehouse, and industrial district, is another rapidly gentrifying area of Chicago – or “up-and-coming” and “eclectic,” as the marketing material might relate. The district now boasts corporate and regional headquarters for companies like Google, McDonald's, and Mondelez, and a growing roster of glitzy restaurants, bars, and condos.
“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,” Dan Park, senior vice president at KBS and asset manager for the property, said. “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.”
Real estate services firm CBRE represented Accenture in the transaction, while Cushman & Wakefield represented KBS.
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