(March 13 – 15:00 ET) – In what will rank as one of the largest commercial real estate transactions of 2001, CIBC World Markets has signed a 30-year lease covering an entire 1.2 million-square-foot building in New York City. The transaction is valued at US$800 million.

Brookfield Properties Corp. is developing the property at 300 Madison Ave. When CIBC completes its move to the new building in early 2004, it will house up to 3,000 employees, bringing all of CIBC’s New York staff under one roof for the first time. The company’s offices are now spread among four buildings in Manhattan.

“This transaction demonstrates CIBC’s strong commitment to New York City and our determination to gain a greater share of activity in U.S. capital markets,” said David Kassie, chairman and CEO, CIBC World Markets.

Groundbreaking on the site will begin this spring, with construction expected to take about 30 months.