KPMG will have "very good expansion and extension options," according to Jay Driscoll, executive director at Cushman & Wakefield. C&W represented KPMG in the deal with Driscoll and senior director Jim Brady of Boston.
The building will total 220,000 sf and is set to deliver construction by June of 2010 when KPMG is scheduled to move into their brand new space. The firm will move from 99 High St., relocating its 692 employees to the new space. ASB Capital Management and Lincoln Property Co. formed a joint venture to develop the project, located across the street from South Station.
"KPMG has deep roots in this market and we want to continue to grow with the city," says Bud LaCava, KPMG's managing partner in Boston, in a statement. "We considered other options and our investment in Two Financial enter demonstrates our commitment to the city of Boston."
Driscoll points out that Two Financial will be the first new building constructed in the Financial District since 2003, and that "the things that KPMG found most appealing was the ability to really brand a building with signage and identity, and to be able to control a large amount of space over a long period of time."
Lincoln Property Co. represented itself in the deal by president John Miller. The price of the lease was undisclosed, but according to Q3 Cushman & Wakefield's Market Report, the average rental rate per sf in the Financial District is $57.89, which brings the lease to roughly $6.6 million.
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