KPMG offers a third of its space in namesake tower for sublease

Put roughly 63,000 square feet on the market at 2323 Ross Avenue

KPMG Subleasing 63K SF in Namesake Dallas Office Tower
KPMG's Paul Knopp and 2323 Ross Avenue in Dallas (Loopnet, KPMG)

One of North Texas’ largest accounting firms is looking to reduce its footprint at its namesake tower in downtown Dallas, adding to the plethora of challenges stacked against the region’s office sector. 

KPMG has put roughly 63,000 square feet up for sublease in the 19-story KPMG Plaza, at 2323 Ross Avenue, in Dallas’ Arts District, the Dallas Business Journal reported. Cushman & Wakefield is marketing the space. 

The offering represents about a third of the company’s 207,000-square-foot occupancy in the 461,000-square-foot building.

“As our business continues to grow in the Dallas metro market, we recognize the importance of regularly evaluating our real estate footprint while fostering a productive and collaborative work environment for our people and will adjust as needed,” a KPMG spokesperson told the outlet.

The decision to sublease underscores a broader trend among major corporate tenants, who are reconsidering their office footprints amid the remote-work era, particularly in downtown Dallas. Professional services firm Deloitte, for instance, recently made plans to relocate from the former Chase Tower on Ross Avenue to the 26-story 23Springs building in Uptown Dallas.

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Bank of America is downsizing its Dallas footprint by more than half in a move from downtown to Uptown. JPMorgan Chase and real estate firm CBRE have similar relocation plans. 

The amount of available sublease space in North Texas reached 11.2 million square feet at the end of last year, according to Partners. But that figure has since declined, the outlet said.

About 1.4 million square feet of sublease space is up for grabs between downtown and Uptown Dallas. North Texas’ office vacancy rate climbed to 21.2 percent in the fourth quarter, according to Cushman & Wakefield. 

—Quinn Donoghue

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