In a market as competitive as Chicago, KBS needed a true out-of-the-box partner to determine a unique way to attract tenants and drive value for 500 West Madison.
Centrally located with transportation access, 500 West Madison evolved into an asset of convenience, serving as a pass-through point of entry for 180,000 commuters daily. Dated spaces and rising vacancies only amplified its slow but steady decline.
Compelled by its distinctive team and culture, KBS chose to partner with Stream, who developed a comprehensive marketing and leasing strategy that delivered results beyond expectation.
Stream felt 500 West Madison needed a straightforward, concise, and bold rebranding campaign—one that would stand out against immense commuter volume and appeal to a diverse tenant base.
The lobby, with its high ceilings and open views, was not the focal point it needed to be. Management and security offices were moved from the reception area, which was updated to provide an inviting, yet grand first impression. The $10 million renovation of the 3rd-floor office lobby included an expanded first-class lounge with a staffed bar, a landscaped outdoor terrace, and a new conference center.
Stream implemented a long-term spec suite program to differentiate the building from its competitors by hiring a premier, tenant-based, and hospitality-focused architect in Chicago. Their unique designs provided a hotel feel and elevated the space, making it less about convenience and more about an elevated lifestyle. In total, the team constructed and leased almost 250,000 square feet of spec suites and converted interior storage space into shared tenant lounges to help further differentiate the offerings from the competition.
Through strategic marketing, renovation, and leasing plans, Stream has leased 350,000 square feet since the pandemic, with 54% of activity comprised of new deals and expansions. An additional 90,000 square feet are currently in the pipeline. Stream has achieved 95% occupancy for KBS at the building.
Stream negotiated Accenture’s expansion from approximately 75,000 square feet to 260,000, renaming 500 West Madison to Accenture Tower.
KBS credits Stream’s entrepreneurial attitude and ability to think like an owner for bringing Accenture Tower to the next level.