PricewaterhouseCoopers, a global consulting firm, occupied 23,500 square feet at 7 St. Paul, one of the premier buildings in Baltimore's CBD. As rents in Baltimore decreased, Price Waterhouse found themselves in the middle of a long-term lease, paying rents 66% over the market. The client felt an immediate need to reduce their rent in an effort to remain competitive in the continuous quest for new business.

Challenge:

PricewaterhouseCoopers recognized that the landlord would want other lease considerations to be made in order to reduce their rent.

Services:

Through a consulting approach, the lease was renegotiated and renewed at current market rates with long-term occupancy flexibility.

Results:

• Colliers Pinkard achieved a $2.3 million rent savings over ten years for PricewaterhouseCoopers.
• Locked in rental rates at a time when the market was at an all time low.
• The effective rate was cut by one-third while maintaining flexibility with excess space and a termination option.

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