Tax firm expanding in Northern Virginia

Published October 24, 2018 by Michael O'Connor

A tax firm is relocating and expanding its offices in Northern Virginia in a deal that involves public dollars and tax incentives. The move is expected to create 500 jobs over three years.

KPMG LLP, an audit, tax and advisory firm, plans to move out of its current office at 1676 International Dr. in Tysons Corner to a forthcoming development called The Boro near the Greensboro Metro Station in Tysons. The company's current office in Tysons Corner is 183,000 square feet of a 13-story building. 

KPMG says it plans to invest $30 million over the next 12 months to build out its new space. The company will occupy up to seven floors at a 20-story tower at The Boro development. The tower will be finished in early 2019.

“We saw this as a tremendous opportunity to move into a cutting-edge space that will be ideal for our team, clients, and recruiting efforts,” a KPMG spokeswoman says. “We feel that Boro Tower’s close proximity to the Greensboro Metro, its building amenities, and its location in a brand-new development within the fast-growing Tyson’s Corner area will be appealing to both current and future employees.”

Virginia beat out Washington, D.C. for the project. KMPG says the new jobs include professional positions like consultants, tax experts and audit professionals. KPMG declined to say what the salaries for these jobs will be.

KPMG LLP is the United States-based member firm of KPMG International and is headquartered in New York. 

KPMG has had its current office in Fairfax since at least 1998. KPMG later subleased the office to a KPMG spinoff that filed for bankruptcy in 2009 called BearingPoint. KPMG took back the space in 2010 and has nearly 2,000 employees in Fairfax. KPMG also has offices in Washington, D.C., Richmond and Norfolk. 

The Fairfax County Economic Development Authority worked with the Virginia Economic Development Partnership to lure KPMG’s investment. Gov. Ralph Northam approved a $1 million grant from the Commonwealth’s Opportunity Fund to help Fairfax with the project.

KPMG will be eligible to get the Major Business Facility Job Tax Credit for new full-time jobs created. Funding and services to help the company’s employee retraining activities will be provided through the Virginia Jobs Investment Program.