PricewaterhouseCoopers has signed a long-term sublease for 800,000 sq. ft. at Brookfield Properties’ 300 Madison Avenue building. The $800 million deal is believed to be one of Manhattan’s largest leasing transactions since 2001.
The 1.2 million sq. ft. office tower was completed late last year. In 2001, CIBC World Markets preleased the entire building, only to put 800,000 sq. ft. up for sublease soon afterwards.
PricewaterhouseCoopers will consolidate its New York operations into the building, which will be named the "PricewaterhouseCoopers Center." The accounting firm currently leases space at 1177 and 1301 Sixth Avenue. It will take occupancy of 300 Madison Avenue this summer, and expects to have most of its 3,500 New York City employees in the building by 2005.
Over the past three years, CIBC has re-engineered several of its Manhattan leasing commitments. In 2001, the Canadian bank signed a 30-year lease for the entirety of 300 Madison Avenue. CIBC originally planned to move all of its 3,000 New York City employees into the building in early 2004. CIBC also leased space at another Brookfield building — One World Financial Center — which it has subleased to Lehman Brothers.
CLW Real Estate Services acted as lead advisor to PricewaterhouseCoopers. CB Richard Ellis co-brokered the deal.