75 Chestnut Ridge Road in Montvale – Courtesy: KPMG
By Joshua Burd
Accounting giant KPMG has announced its purchase of a 60,000-square-foot office building in Montvale, along with its plans to renovate the property as part of an expansion in the area.
The firm on Tuesday confirmed its purchase of 75 Chestnut Ridge Road, following an announcement last week that the building had been sold. In a separate news release, Cushman & Wakefield said a Big Four firm had acquired the property for $5.7 million.
The new building is adjacent to KPMG’s existing 281,000-square-foot central campus in Montvale, made up of five buildings spanning Chestnut Ridge Road. The firm said that, following about 14 months of renovations, the new building “will incorporate leading-edge design and state-of-the-art technology to create an innovative and collaborative work space” for some 600 employees.
“As one of FORTUNE Magazine’s ‘100 Best Companies to Work For,’ we’re passionate about providing leading-edge facilities for our extraordinary people,” David H.W. Turner, chief financial officer and Montvale office managing principal, said in a prepared statement. “This investment supports KPMG’s continued significant growth. The new building will offer a more collaborative, productive and attractive work environment for our employees.
“Our goal is to create one of the most advanced, innovative work spaces in the region.”
KPMG has had a presence in Montvale for almost 30 years and employs more than 3,100 professionals statewide in New Jersey, the firm said in a news release. Its team in Montvale and Woodcliff Lake are primarily within support organizations such as technology, human resources, marketing and finance and accounting.
“We are delighted that KPMG continues to see Montvale as a critical part of its plans for the future. We’re excited to see KPMG investing in such a ground-breaking work space,” Montvale Mayor Michael Ghassali said. “The firm has been a terrific corporate citizen and neighbor to our community for many years.”
CBRE is the broker of record for KPMG, the news release. Cushman & Wakefield represented the seller, Clamasuka Realty Co. LLC.