If all goes as planned, the transaction will mark the city's largest office lease of 2004 to date, knocking law firm Collier Shannon Scott's recent 117,000-sf lease renewal deal at Washington Harbour out of the park, and beating law firm White & Case's take at One Metro Center by 100,000 sf. Such a sizable commitment from Piper Rudnick would mean developer Boston Properties could move forward with constructing the $120-million office property.

The 9th and E Street office building would stand 10 stories tall on a three-quarter-acre parcel that is currently home to a parking lot. Assuming the deal with the law firm goes through, construction will begin next summer and wrap up in 2007, at which point Piper Rudnick would relocate from 1200 19th St., where it leases a total of approximately 160,000 sf. "We have not yet outgrown our space," Segal says, "but our growth pattern is such that we expect to in the near future."

As things stand now, Piper Rudnick would occupy the space under a 15-year agreement. The financial terms of the arrangement have not been publicized, but office space in the District--one of the hottest office markets in the country--comes at a premium. According to Advantis Real Estate Services Co.'s First Quarter 2004 Office Report, class A office space goes for an average of $42.25 per sf. Jones Lang LaSalle represented Piper Rudnick in the transaction with Boston Properties.