Global accounting giant KPMG is set to expand its presence in downtown Seattle by adding a third floor to its current offices in the Rainier Square tower. The firm’s decision to secure an additional 21,044 square feet of space is a strategic response to high occupancy levels on its existing floors, highlighting KPMG’s continued growth in its Seattle operations.
KPMG, which currently occupies the 27th and 28th floors of the iconic 58-story office and residential tower located at 401 Union St., will now have a total space of 57,163 square feet within the building, according to a report in the Puget Sound Business Journal. The expansion, expected to be completed in late summer, is a step forward for the firm in its pursuit of enhancing collaboration and innovation in its Seattle operations.
Amy Banovich, KPMG’s Seattle office managing partner, stated in the report, “This expansion is a reflection of our continued growth and success in the region. With this new space, we will be able to accommodate more professionals and enhance our ability to collaborate and innovate.”
The 20th-floor expansion will feature a variety of amenities, including workstations, collaborative workspaces, private offices, a wellness room, and a mother’s room, ensuring that the needs of KPMG’s diverse workforce are met as they continue to serve their clients in the Pacific Northwest.
KPMG’s decision to expand in Rainier Square follows its initial move to the location in May 2022 when the firm was reducing its office footprint after relocating from 1918 Eighth in the Denny Triangle. This new addition will provide KPMG with even more space than its previous location, reflecting the firm’s need to balance real estate cost management with accommodating its growing workforce.
Rainier Square holds an appeal for the firm, which sees it as a prime location in Seattle’s central business district and a contributing factor to the firm’s choice of office space. Notably, KPMG’s expansion comes at a time when the Seattle office vacancy rate has seen a notable increase, reaching 25.6 percent during the fourth quarter of 2023, as per Colliers’ fourth-quarter Seattle office market report.
Rainier Square is a significant mixed-use development property in downtown Seattle, featuring a distinctive 58-story tower and spanning 1.17 million square feet. Developed through a joint venture partnership between Wright Runstad & Company and an institutional investor advised by J.P. Morgan Asset Management, it includes 722,000 square feet of office space, 200 luxury apartments, and nearly 80,000 square feet of retail space, along with a luxury hotel phase. The tower is Seattle’s second-tallest building, and in 2017, it secured Amazon as an office space tenant. Following the global COVID-19 pandemic, the global technology giant decided to sublease its space in the tower, which has been occupied by numerous tenants since.
KPMG operates globally, with a presence in 143 countries and over 270,000 employees worldwide. In addition to its core tax and audit services, the firm offers technology, analytics, and strategy services to meet the evolving needs of its clients. KPMG’s U.S. headquarters is located in New York City.
