CHICAGO—KBS Real Estate Investment Trust IIIbought 500 W. Madison in December 2013 for about $425 million andbegan making plans to lease up the property and refurbish theamenities that serve both tenants and the many commuters that passthrough each day.

As reported in, throughout 2014 the company signeda slew of new leases, totaling about 145,000 squarefeet, bringing occupancy up to about 95%. And the $11.5 millionrenovation and upgrade plan for the property includes a $3.8million reinvestment into the dining court, now calledMarketplace@500.

CBRE was hired to lease up this space and hasjust unveiled several new restaurants including Eastman EggCompany, BenjYehuda, Piggy BackTavern BBQ, Madison Tavern,Halsted Street Deli and Freshi,which Todd Siegel, first vice president for CBRE,says are more more in-line with the current tastes and expectationsof office users and commuters.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.