New York Post Online Edition - January 20, 2004
PricewaterhouseCoopers just signed a jumbo 30-year sublease from CIBC worth nearly $2 billion over the term at 300 Madison Ave. in Manhattan - consolidating the accounting giant's New York headquarters in a single location and getting both CIBC and landlord Brookfield out of jams.
PWC will move into 800,000 square feet at 300 Madison, at 42nd Street. It will occupy floors 11 to 35 of the gleaming new 35-story, 1.1 million-square-foot tower, which Brookfield built for CIBC World Markets. CIBC signed on to anchor 300 Madison in 2000, when investment banking was still hot. Brookfield broke ground on the building in early 2001. Then, one year ago, CIBC told Brookfield it would use less than a third of the tower - but it agreed to serve as CIBC's broker in unloading the rest of its space.
Industry sources said the PWC sublease rent starts in the $60s per square foot. The rent CIBC is paying could not be determined. The tower, located one block from Grand Central Station, will now be known as PricewaterhouseCoopers Center.
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Wednesday, January 21, 2004
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