Accenture Tower, 500 W. Madison St., Chicago
CHICAGO—Workspace provider Industrious is increasing its presence in the Windy City. The New York City-based firm is doubling its operations at the Accenture Tower here.
Industrious' Chicago Ogilvie operations at the 1.46-million-square-foot building at 500 West Madison St. will increase from 46,500 square feet to 93,000 square feet, due to what the company states is "overwhelming consumer demand." The Accenture Tower is owned by KBS.
"Industrious has an established presence in Chicago and we continue to see strong demand for our product," said Doug Feinberg, director of real estate at Industrious. "Our Ogilvie location opened in June and immediately exceeded expectations. The building is so on-brand for Industrious—it's a highly-amenitized property in a prime, walkable location—so we jumped at the opportunity to expand our presence in the asset."
Industrious currently has seven other locations across Chicago: Central Loop, Evanston, Fulton Market, Gold Coast, River North, West Loop, and Wicker Park. Around the country, past and present Industrious members include: Compass, Heineken, Humana, Lyft, Pandora, Pinterest, and Zillow. Industrious currently has more than 80 locations across more than 45 U.S. cities.
The Chicago Ogilvie expansion space at Accenture Tower is expected to be open for business in the second quarter of 2020.
KBS spearheaded a multi-million-dollar renovation of Accenture Tower in 2015 to deliver in-demand services and amenities. The property features 80,000 square-feet of retail space, a two-level fitness center, and a host of concierge services. The office tower has also been awarded The Outstanding Building of the Year twice by the Building Owners and Managers Association.
"Accenture Tower is a sought-after destination for today's office tenants," says Dan Park, senior vice president of KBS and asset manager of the property. "In addition to its high-quality environment and amenities, the property's location above Ogilvie Transportation Center is like nothing else in Chicago. Industrious' members can commute in, come to work, and enjoy state-of-the-art food and fitness amenities—all without ever stepping foot outside."
Cushman & Wakefield's Wendy Katz, executive director, and Matt Lerner, senior director, represented KBS in the transaction; CBRE's Paul Reaumond, executive vice president, Mark Cassata, senior vice president and Ian Murphy, director, represented Industrious in the deal.
"Coworking companies have tripled their footprint in Chicago since 2015 to occupy almost 3.5 million square-feet or over 2.5% of the overall CBD inventory," says C&W's Katz. "That said, coworking providers are not looking for just any space. They are demanding properties, such as Accenture Tower, that incorporate high-end amenities in locations providing convenient transportation access in vibrant neighborhoods."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
