CHICAGO–Chicago’s 500 W. Madison, owned by KBS, one of the largest owners of commercial real estate and managed by Transwestern, was awarded the International TOBY Award, according to the Building Owners and Managers Association (BOMA).
TOBY is the acronym for “The Outstanding Building of the Year.” This property is part of the KBS Real Estate Investment Trust III portfolio.
“Winning the International TOBY is a true testament to the tireless efforts of the Transwestern management, engineering and operational teams in providing an exceptional level of service to the tenants, commuters and visitors of the property,” said Micah Larmie, Transwestern senior vice president of asset services. “The team is extremely proud to be able to bring home the award for KBS and is so thankful for their support.”
500 West Madison is an iconic 40-story, 1.4-million square-foot tower located in Chicago’s West Loop. The building sits above Ogilvie Transportation Center, one of two main suburban train stations connecting the Chicago suburbs with downtown Chicago. Built in 1987, 500 West Madison is Chicago’s largest Class A, LEED Gold-certified building and features a distinct postmodern design. The first two levels at 500 West Madison contain 64,289 square feet of retail space with 45 stores and restaurants. The second level connects directly to the Ogilvie rail station providing direct access to city trains, buses and expressways.
“We are extremely honored to receive this distinguished award. 500 West Madison is the realization of a modern-day workplace; the mindfully-created and extensive amenity options offer unique experiences for all of our tenants and the massive amount of commuters each day,” said Dan Park, senior vice president for KBS and asset manager of the property. “We are delighted that our tenants can take advantage of all that this award-winning building offers.”
The awards, presented by BOMA International, recognize excellence in office building management and building quality. Awards are presented in 17 categories based on size and facility type.
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore.
KBS is a private equity real estate company and an SEC-registered investment adviser. Founded in 1992 by Peter Bren and Chuck Schreiber, it is recognized as one of the largest commercial office owners globally. Since inception, KBS-affiliated companies have completed transactional activity of approximately $40 billion via 16 separate accounts and six commingled funds, for government and corporate pension funds.