BOSTON— In a major vote of confidence for downtown Boston’s office market, global investment firm KKR has signed a 15-year lease for 132,529 square feet at Two International Place.
The deal is one of the most significant office commitments in Boston this year, signaling renewed momentum in the city’s commercial real estate sector.
The Chiofaro Company and PGIM Real Estate, co-owners of International Place, announced the lease agreement today, calling it a key milestone in both the building’s evolution and Boston’s broader office market recovery.
KKR’s move marks the firm’s first downtown Boston office, consolidating and expanding its local operations to support global growth. More than 300 KKR employees are currently based in the Boston area, primarily tied to the firm’s insurance business.
“We are excited to establish our new Boston office at International Place and intend to grow this location over time to help us deliver on the firm’s future goals,” said Ryan Stork, Chief Operating Officer at KKR. “We see great potential for Boston to support the broader firm like our offices in Gurugram and Dublin.”
A Strategic Move Aligned with Growth
KKR’s relocation is driven by the firm’s expanding footprint and long-term investment in Boston’s talent and infrastructure. The move downtown not only provides a higher-quality workplace experience but also positions KKR for continued growth in key strategic areas.
“As we’ve outgrown our existing space, this strategic move downtown positions us to invest in local talent and expand our operating platform to support our U.S. and global operations,” said Burke Malek, Head of KKR’s Boston office.
A Major Win for International Place
The lease coincides with the near completion of a $100 million reinvestment in International Place — a comprehensive transformation aimed at delivering best-in-class amenities and experiences. The 1.8 million-square-foot property, designed by renowned architect Philip Johnson, features sweeping waterfront views, modernized lobbies, and the new 25,000-square-foot Aries Club amenity center.
“KKR’s decision to plant a substantial flag at International Place is a major milestone for both the building and Boston’s business community,” said Don Chiofaro Jr., Vice President of The Chiofaro Company. “This move reflects the resurgence of office demand downtown and reaffirms our vision of International Place as the preeminent address for global business leaders.”
Continued Confidence in Boston’s Office Market
Despite broader headwinds facing office real estate across the country, Boston’s downtown is seeing signs of stabilization and reinvestment. The KKR lease reflects strong demand for high-quality, centrally located office space with modern amenities.
“International Place, with its best-in-class location and amenities, fits the profile that high-caliber tenants continue to seek,” said Joanna Mulford, Managing Director and Senior Portfolio Manager for PRISA, PGIM’s flagship core equity real estate strategy. “We remain confident in the long-term strength and appeal of Boston’s office market.”
The transaction was brokered by a team from Jones Lang LaSalle, Newmark, and Cushman & Wakefield, highlighting the collaborative effort behind one of the year’s most notable real estate deals.
Located along Boston’s Rose Kennedy Greenway, International Place is a landmark office complex developed by The Chiofaro Company. Spanning 1.8 million square feet across two towers, the property offers Class A office and retail space with exceptional waterfront views, direct access to transit, and a comprehensive suite of tenant amenities.
KKR (NYSE: KKR) is a global investment firm managing assets across private equity, real estate, credit, infrastructure, and insurance. The firm employs more than 1,450 investment professionals in 42 offices worldwide and has deep operations in the U.S., Europe, and Asia.
Based in Boston, The Chiofaro Company is one of New England’s leading commercial real estate firms, known for developing and managing world-class office properties.
With $213 billion in gross assets under management and administration, PGIM Real Estate is the third-largest real estate investment manager globally. It is part of PGIM, the $1.44 trillion asset management arm of Prudential Financial, Inc.
