PricewaterhouseCoopers, a global consulting firm, occupied 23,500 square feet at 7 St. Paul, one of the premier buildings in Baltimore's central business district.  As rents in Baltimore decreased, PWC found themselves in the middle of a long-term lease, paying rents at 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 its rent.

Services
Through the consulting approach of Colliers Pinkard, 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 10 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.
  

"They [Colliers Pinkard] are one of the most ethical, responsive and professional organizations I have engaged to support my real estate program." 

• David L. Jarman, Managing Director of Real Estate and Office Planning, PricewaterhouseCoopers

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