January 5, 2024

Big Four Accounting Firm Inks Deal at Armada Hoffler Tower in Virginia Beach

By Emily Pross at CoStar

One of the largest audit, tax and advisory firms in the world is adding a new office in Hampton Roads after signing a lease with Armada Hoffler at its namesake tower in downtown Virginia Beach, Virginia.

KPMG opened its office on Wednesday at Armada Hoffler Tower, a 23-story high-rise located at 222 Central Park Ave. The company, considered one of the Big Four accounting firms along with Deloitte, Ernst & Young and PwC, occupies 13,044 square feet on the 15th floor of the building.

The new office allows “more than 160 KPMG professionals to collaborate, work, and meet as a team in a new modern space in the heart of our business district,” Jason Kies, KPMG Norfolk office managing partner, said in a release announcing the deal. “We have a longstanding commitment to the region, and this is the exciting next phase.”

Armada Hoffler Tower was built in 2002 as part of the Town Center of Virginia Beach, a public-private, mixed-use development that is considered the city’s urban commercial center.

The tower features 324,000 square feet of office space, 38,500 square feet of street-level retail space and a nine-story parking garage. It is 98% leased to a tenant roster that includes Cushman & Wakefield; Mass Mutual; consulting firm Cherry Bekaert; Morgan Stanley and law firms Troutman Pepper, Williams Mullen and Pender & Coward, in addition to housing Armada Hoffler’s corporate offices. Six of the building’s office tenants have been in the building since its opening, Armada Hoffler said in its release.

“We continue to see demand for core mixed-use communities as top destinations for class A companies,” Louis Haddad, president and CEO of Armada Hoffler, said in a statement.

The property is also home to several retailers and restaurants, including P.F. Chang’s, Madewell, Lululemon and Cold Stone Creamery, as well as the private Town Center City Club, according to CoStar data. In all, the Town Center of Virginia Beach includes 800,000 square feet of office space, 620,000 square feet of retail space and 760 apartments spanning 17 blocks and 25 acres.