CHICAGO—KBS Real Estate Investment Trust III bought 500 W. Madison last December forabout $425 million and had high hopes that tenant demand for class A space in the West Loop would help fill up the property. The investor hired Transwestern to handle leasing, and the move appears to have paid off. Transwestern officials say that they have secured leases totaling 73,000-square-feet in December alone, bringing total leasing activity at the building to 145,000-square-feet for all of 2014. KBS has extensive capital improvements underway and tenants now occupy 95% of the 1.5 million-square-foot building.

“KBS’s strategy to reposition 500 W. Madison as a premier office address in Chicago through major capital improvements and new tenant amenities secures the building’s status as one of the most desirable office destinations in the city,” says Transwestern’s Michael Lirtzman, the executive vice president who, along with Courtney Baratz, vice president, lease the building for KBS.

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