Accounting firm KPMG LLP finalizes 350,000-SF lease at 345 Park Ave.

Accounting and tax firm KPMG LLP has finalized its 350,000-SF lease renewal at 345 Park Ave., the 44-story tower owned by the Rudin Family, which houses KPMG's U.S. headquarters and New York office. An agreement in principle to renew the KPMG lease was announced in February 2003.

"This important real estate transaction serves to reaffirm KPMG's commitment not only to 345 Park Avenue, but more importantly, to our city, which continues to reign as the business capital of the world," stated William C. Rudin, president of Rudin Management Company, the leasing and managing agent for 345 Park Ave.

Rudin added, "My grandfather Sam (who together with his sons Jack and Lewis developed 345 Park Ave. in 1969) shook hands with this tenant 35 years a go to consummate the original lease. It's my honor and pleasure, representing the third generation of Rudins, to once again renew that commitment."

KPMG's National Director of Real Estate Services and partner Christopher P. Gallo represented his firm in the lease negotiations. Rudin Management vice presidents Thomas M. Keating and Robert Steinman represented the landlord. Brokers for the transaction were Insignia/ESG President Robert 3. Alexander and CB Richard Ellis executive managing director Patrick Murphy.

Located on an entire block between 51st and 52 Streets and Park and Lexington Avenues, the distinctive tower contains approximately 1.7 million SF of office space.

It is 100% leased to such prestigious tenants as Bristol-Myers Squibb Company, J.P. Morgan Chase & Co., Deutsche Bank, The Blackstone Group and KPMG LLP.