{"id":1004772052,"date":"2025-09-19T04:30:49","date_gmt":"2025-09-19T12:30:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004772052"},"modified":"2025-09-19T04:50:53","modified_gmt":"2025-09-19T12:50:53","slug":"kkr-inks-major-lease-in-downtown-boston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-inks-major-lease-in-downtown-boston\/","title":{"rendered":"KKR Inks Major Lease in Downtown Boston"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a1652c00d89f&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"620\" height=\"800\" data-attachment-id=\"1004772077\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kkr-inks-major-lease-in-downtown-boston\/international-place-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/International-Place-1.png\" data-orig-size=\"620,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"International Place\" data-image-description=\"&lt;p&gt;Image sent by Carolyn Spicer PR for The Chiofaro Company&lt;\/p&gt;\n&lt;p&gt;September 2025&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Developed by The Chiofaro Company and designed by Philip Johnson, International Park Place is nearing the end of its $100 million renovation project. Image courtesy of The Chiofaro Company&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/International-Place-1.png?w=620\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/International-Place-1.png?w=620\" alt=\"International Place, an office center in Boston.\" class=\"wp-image-1004772077\" style=\"width:345px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/International-Place-1.png 620w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/International-Place-1.png?resize=233,300 233w\" sizes=\"auto, (max-width: 620px) 100vw, 620px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Developed by The Chiofaro Co. and designed by Philip Johnson, International Park Place is nearing the end of its $100 million renovation project. <em>Image courtesy of The Chiofaro Co<\/em>.<\/figcaption><\/figure><\/div>\n\n\n<p>In one of the most significant office leasing deals of the year, global investment firm KKR has signed a 15-year, 132,529-square-foot lease at PGIM\u2019s Two International Place in Boston. <\/p>\n\n\n\n<p>The property was developed by The Chiofaro Co., which is also the building\u2019s leasing manager. The new lease agreement was brokered by JLL, Newmark and Cushman &amp; Wakefield.<\/p>\n\n\n\n<p>This deal reflects KKR\u2019s growth in the area. The firm\u2019s insurance branch has more than 300 employees in Boston. The move will enable the company to continue to expand in the city.<\/p>\n\n\n\n<p>\u201cWe are excited to welcome KKR to International Place. Boston continues to stand out as one of the nation\u2019s most dynamic business hubs known for talent and innovation. KKR\u2019s growing footprint highlights the appeal of Boston\u2019s office market and the strong demand for modern, future-ready workplaces.\u201d Joanna Mulford, managing director and senior portfolio manager for PGIM&#8217;s real estate business, told <em>Commercial Property Executive<\/em>.<\/p>\n\n\n\n<p>Two International Place stands 35 stories high and Yardi Research data shows the tower totals 876,195 square feet. The tower is part of the larger International Place property, designed by Philip Johnson. The campus includes a second 46-story tower, bringing the entire property to 1.8 million square feet of office and retail space. PGIM purchased the tower in 2005, the same source shows. &nbsp;<\/p>\n\n\n\n<p>KKR will be joining a tenant roster including Portolan Capital Management, Whale Rock Capital, Needham and Kane\u2019s Donuts, among others, Yardi Research Data shows. Located in Boston\u2019s downtown waterfront area, Two International Place is right across the street from Rowes Wharf, which has a public bus stop, as well as the Aquarium and South Street subway stations. The Boston Logan International Airport is within about 3 miles from the building, and Boston Common is one mile away. The New England Aquarium is also in the property&#8217;s proximity.<\/p>\n\n\n\n<p>\u201cKKR&#8217;s decision underscores the confidence global firms have in downtown Boston. Together with PGIM Real Estate, we\u2019ve reimagined this landmark property to set a new standard for workplace excellence, and KKR\u2019s commitment validates that investment.\u201d Don Chiofaro Jr., vice president of The Chiofaro Co. told <em>CPE<\/em>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-renovations-at-international-place\">Renovations at International Place <\/h2>\n\n\n\n<p>This major lease agreement for PGIM and The Chiofaro Co. coincides with their $100 million project to renovate the space. The redevelopment aligns with PGIM&#8217;s and The Chiofaro Co.&#8217;s goal of delivering an elevated, professional space for tenants. Already, International Place benefits from its views of the waterfront and a private rooftop deck. The upgrades will reimagine the lobbies and entryways, while also adding a 20,000-square-foot amenity center.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>READ ALSO: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-projects-that-will-reshape-boston\/\">Top Projects That Will Reshape Boston<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Chiofaro brought on Gensler, OBJ and Columbia Construction to lead the efforts from the design stages through construction. Efforts have been ongoing since 2023 and have been done in phases. Phase two of the efforts began last July and included the renovation of IP Commons, the central lobby space. Work included upgraded lighting, increased seating and an upgraded 55-foot water feature in the center of the atrium and other garden-like features.<\/p>\n\n\n\n<p>A major part of the effort focuses on the Aries Club, including amenities such as a boardroom, a full bar, restaurant, a 3,500-square-foot outdoor terrace, upgraded bike room and locker areas a golf and F-1 simulator and more. On top of interior renovations, the investment also included expanding the events program within the building for community engagement. The project is expected to wrap fully in the next few months.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-recent-office-interest-in-boston\">Recent office interest in Boston <\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.commercialsearch.com\/news\/bostons-office-pipeline-maintains-national-lead\/\">office vacancy<\/a> rate was below the national average as of May, Yardi Research Data shows, at 16.9 percent. While the gap between demand and supply continues to widen with a pipeline of 5.9 million square feet, the area is still seeing activity.<\/p>\n\n\n\n<p>In August, Connolly Brothers invested in a <a href=\"https:\/\/www.commercialsearch.com\/news\/connolly-brothers-buys-160-ksf-boston-area-asset\/\">160,000-square-foot office building<\/a> in Beverly, Mass. At the time of acquisition, the property was vacant. Moving forward, the owners plan to reposition the property as a build-to-suit or through a full-building renovation.<\/p>\n\n\n\n<p>Last week, the metro saw another company relocate its headquarters. Hasbro, a toy and game company, is relocating from Pawtucket, R.I., to the Seaport District. The new base for the company will span 265,000 square feet across seven floors at <a href=\"https:\/\/www.commercialsearch.com\/news\/playing-to-win-hasbro-pulls-up-stakes-for-boston-hq\/\">400 Summer St.,<\/a> which opened last year. &nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property is reaching the end of a $100 million renovation project.<\/p>\n","protected":false},"author":3749,"featured_media":1004772138,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21784,21742,10,21747],"tags":[32799,32796,32883,50999,34714,51072],"class_list":["post-1004772052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-brokerage","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-jll","tag-kkr","tag-newmark","tag-pgim-real-estate","tag-philip-johnson"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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