Boston, September 23, 2025
News Summary
KKR, a leading private equity firm, has signed a 15-year lease for 132,529 square feet at Two International Place in Boston. This expansion will accommodate around 300 employees primarily focused on the firm’s insurance operations. The property recently underwent a $100 million renovation to enhance tenant experiences, including upgraded lobbies and a new amenities center. KKR’s commitment marks a significant milestone in Boston’s commercial real estate sector, signaling a revitalization of office demand in the downtown area post-pandemic.
Boston — KKR, a private equity firm, announced its expansion in Boston by leasing office space at Two International Place. The firm signed a 15-year lease for 132,529 square feet, marking a major commitment to the downtown office market. KKR’s new downtown office will accommodate its growing local operations and house around 300 employees, with those local staff primarily focused on the firm’s insurance business.
Key details
The transaction places KKR into recently upgraded space in a high-profile waterfront property. The building recently completed a $100 million renovation aimed at enhancing the tenant experience with upgraded lobbies, a new amenities center called Aries Club, and improved public access. The renovation also included transforming the ground-level lobbies and entrances of the 1.8 million-square-foot office building, and the space KKR will occupy offers waterfront views and access to a private roof deck.
The lease was brokered by three firms: Jones Lang LaSalle, Newmark, and Cushman & Wakefield. Ownership of the property is shared; The Chiofaro Company, co-owner of International Place along with PGIM, views KKR’s move as a major milestone for both the building and the local business community.
Market significance
KKR’s lease reflects a resurgence of office demand in downtown Boston amid the recovery from the pandemic. The deal joins other recent significant office commitments in Boston, signaling recovery in the commercial real estate sector. The Boston office market has been facing high vacancy rates but shows signs of stabilization and reinvestment, and this lease illustrates continued strong demand for high-quality, centrally located office spaces with modern amenities.
Why KKR is expanding in Boston
The expansion supports KKR’s broader business in the region, where the firm’s local workforce is concentrated on its insurance operations. The move is described by firm leadership as enabling investment in local talent and expansion of operations. In the wider context of the firm’s activities, KKR is an global investment firm managing over $686 billion in assets across various sectors including private equity, real estate, and credit. The firm also provides alternative asset management, capital markets, and insurance solutions.
Building and amenities
- Location: Two International Place, downtown Boston
- Space leased: signed a 15-year lease for 132,529 square feet
- Employee capacity: will accommodate its growing local operations and house around 300 employees
- Recent upgrades: a $100 million renovation, Aries Club amenities center, upgraded lobbies, improved public access
- Building size: 1.8 million-square-foot office building
- Views and outdoor space: waterfront views and access to a private roof deck
Transaction participants
- Tenant: KKR
- Brokers: Jones Lang LaSalle, Newmark, and Cushman & Wakefield
- Owners: The Chiofaro Company (co-owner) and PGIM
Background context
Office markets in many U.S. cities are adjusting after the pandemic. In Boston, landlords and developers have been investing in building upgrades and amenities to attract tenants back to central business districts. This lease at Two International Place comes amid a string of commitments that market observers view as signs of recovery. The transaction supports a trend toward demand for modern, centrally located office space that can support hybrid workplace models and offer amenities to employees.
FAQ
Q: What did KKR announce in Boston?
A: KKR, a private equity firm, announced its expansion in Boston by leasing office space at Two International Place.
Q: What lease did KKR sign?
A: The firm signed a 15-year lease for 132,529 square feet.
Q: How many employees will the new office house?
A: KKR’s new downtown office will accommodate its growing local operations and house around 300 employees.
Q: What is the focus of KKR’s Boston workforce?
A: The firm’s Boston workforce primarily focuses on its insurance business.
Q: What recent work was done on the building?
A: The building recently completed a $100 million renovation aimed at enhancing the tenant experience with upgraded lobbies, a new amenities center called Aries Club, and improved public access.
Q: What other renovation details were noted?
A: The renovation also included transforming the ground-level lobbies and entrances of the 1.8 million-square-foot office building.
Q: Who brokered the transaction?
A: The transaction was brokered by three firms: Jones Lang LaSalle, Newmark, and Cushman & Wakefield.
Q: How do the building owners view the lease?
A: The Chiofaro Company, co-owner of International Place along with PGIM, views KKR’s move as a major milestone for both the building and the local business community.
Q: What amenities does the office offer?
A: The office offers waterfront views and access to a private roof deck.
Q: What broader market trend does this lease reflect?
A: KKR’s lease reflects a resurgence of office demand in downtown Boston amid the recovery from the pandemic.
Q: What is KKR’s scale as a firm?
A: KKR is an global investment firm managing over $686 billion in assets across various sectors including private equity, real estate, and credit.
Q: How does the lease relate to the Boston market overall?
A: The lease joins other recent significant office commitments in Boston, signaling recovery in the commercial real estate sector. The Boston office market has been facing high vacancy rates but shows signs of stabilization and reinvestment.
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Quick reference table
| Item | Detail |
|---|---|
| City | Boston |
| Tenant | KKR, a private equity firm |
| Lease term | signed a 15-year lease for 132,529 square feet |
| Employees | will accommodate its growing local operations and house around 300 employees |
| Focus of local workforce | primarily focuses on its insurance business |
| Building | Two International Place (1.8 million-square-foot office building) |
| Renovation | a $100 million renovation; upgraded lobbies; Aries Club; improved public access |
| Views & outdoor space | waterfront views and access to a private roof deck |
| Brokers | Jones Lang LaSalle, Newmark, and Cushman & Wakefield |
| Owners | The Chiofaro Company and PGIM |
| Firm scale | KKR is an global investment firm managing over $686 billion in assets across various sectors including private equity, real estate, and credit |
| Market context | Reflects a resurgence of office demand in downtown Boston amid the recovery from the pandemic; Boston office market has been facing high vacancy rates but shows signs of stabilization and reinvestment |
Deeper Dive: News & Info About This Topic
HERE Resources
KKR Signs 15-Year Lease at Two International Place in Boston
KKR Inks 15-Year Lease at Two International Place in Boston
Additional Resources
- Boston.com
- Boston Real Estate Times
- Boston Globe
- Bisnow
- Connect CRE
- Wikipedia: Commercial Real Estate
- Google Search: KKR Boston
- Google Scholar: KKR office lease Boston
- Encyclopedia Britannica: KKR
- Google News: KKR Boston office lease
Author: STAFF HERE BOSTON WRITER
BOSTON STAFF WRITER The BOSTON STAFF WRITER represents the experienced team at HEREBoston.com, your go-to source for actionable local news and information in Boston, Suffolk County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Boston Marathon, Head of the Charles Regatta, and Boston Harborfest. Our coverage extends to key organizations like the Greater Boston Chamber of Commerce and Associated Industries of Massachusetts, plus leading businesses in finance, biotech, and insurance that power the local economy such as Fidelity Investments, Biogen, and Liberty Mutual Insurance. As part of the broader HERE network, we provide comprehensive, credible insights into Massachusetts's dynamic landscape.
