A new building on the Cape Town Foreshore, which was named KPMG Place, has officially been renamed The Halyard instead. Recent renders of the building’s plans show the KPMG logo has been removed altogether.
KPMG provides auditing, tax and advisory services is known as one of the ‘Big Four’ auditors. They were recently implicated in the Gupta scandal, as well as a failed partnership with VBS Mutual Bank, and suffered reputation damage.
The new name, The Halyard, draws on the reference to a rope used for raising and lowering the sail on a boat. It was chosen because of the buildings close vicinity to the port, Daniel Greaves, realtor at Knight Frank South Africa, told Business Insider SA.
“Main halyard ropes are also usually blue and white in colour, this references the colour of the facade as well,” Greaves said.
Construction of the R550-million development started in 2015, but experienced serious delays after the main contract NMC Group was placed on business rescue due to their financial distress.
Early renders of the buildings completion showed the KPMG logo clearly displayed on both the south and west facing corners of the building. More recent renders, however, show a change in this prominent display, with the KPMG logo being removed.
Due to the hit their reputation took from their involvement with the Gupta family, and later the unsuccessful VBS Mutual Bank, the well-known accounting firm has lost a number of important clients in South Africa.
KPMG spokesperson, Nqubeko Sibiya, told Business Insider SA that the firm was still committed to Cape Town, but did not wish to comment on whether they would be occupying less space in the building.
The first tenants are expected to move into the building by the end of the year and rental costs R195 per square metre, with tenant options available either for a full floor (1600sqm) or half a floor (800sqm).
The realtor said the building is already partially let, and demand for available space is high.