CIBC Leases All of Brookfield's 300 Madison in $800-Mil Deal

NEW YORK CITY-In a transaction valued at $800 million, Canadian Imperial Bank of Commerce World Markets has signed a 30-year lease for 300 Madison Ave. Once the building is completed, it will house all of CIBC’s 3,000 employees under the same roof for the first time.

“This is a great story for us,” Eric Morse, vice president of marketing and communications at CIBC World Markets tells GlobeSt.com. “Eight years ago, CIBC decided to expand into the US, and some people doubted whether or not that was a wise decision. It was an enormous undertaking, but we wouldn’t and couldn’t be involved in this transaction if those strategies hadn’t paid off.”

“This transaction will allow us to continue to pursue our growth strategy in an environment that is more efficient and cost-effective,” says David Kassie, chairman and CEO of CIBC.