PricewaterhouseCoopers Makes Russia's Biggest Ever Rental Deal
In spite of the losing in the suit brought against it by the Federal Tax Service and its first loss of a major client, AvtoVAZ, auditing company PricewaterhouseCoopers believes in its future in Russia. The company announced yesterday that it has rented 32,500 sq. m. for its own offices in the White Square business center, which is still under construction on Lesnoi St. in Moscow.
That is a new record for office rentals, breaking VimpelCom's record of 31,600 sq. m. in Hermitage Plaza. Another major renter in Moscow is Deloitte & Touche, which took an 11-year lease on 29,000 sq. m. of office facilities in the same building.
White Square consists of a complex with three towers and a total area of 100,000 sq. m., of which 74,000 sq. m. will be office space. Construction will be completed by the end of next year. Expert estimates of the rent for PwC offices range from $600 to $800 per sq. m. PwC now occupies 15,000 sq. m. in the Red Hills business center on Kosmodamianskaya Embankment in Moscow. “The company is growing,” a PwC spokesman said. “The PwC staff in Moscow already numbers over 2000 people.” He added that “after the move, the premises in Red Hills will be vacated.”
Large premises are being rented more frequently in business centers today. Gazpromstroi recently bought 133,000 sq. m. in two separate deals in Mirax Plaza. Industrial Investments bought 40,000 sq. m. in Novosushchevsky shopping center. Vneshtorgbank bought 63,000 sq. m. in Federation Tower.
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All the Article in Russian as of Apr. 05, 2007
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