By Daniel J Sernovitz on September 18, 2013.
Accounting firm PricewaterhouseCoopers is in negotiations to lease 110,000 square feet at 600 13th St. NW, a 240,000-square-foot building near Metro Center according to sources familiar with the deal.
PricewaterhouseCoopers has not officially signed a lease with building owner Union Investment Real Estate GmbH yet, sources say, but the deal would be a significant gain for the firm after launching a $10 million-plus renovation to attract new tenants. Cassidy Turley broker Phillip Thomas, who is marking space in the building, previously said Union Investment launched the renovations in an effort to command higher rental rates and stay competitive with other top-tier buildings in the District.
The building was left substantially vacant after anchor tenant McDermott Will & Emery relocated to new space at 500 N. Capitol St. NW near Union Station.
Crowd-sourced real estate data firm CompStak estimates the rental rate PricewaterhouseCoopers is negotiating is in the high $40s per square foot with an 11-year lease term. The deal, according to CompStak, includes one year of free rent.
The lease would be the second for Union Investment at 600 13th after signing the Financial Services Roundtable to a full floor in the building this past spring.