"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.
Groundbreaking at the site will take place this spring, with construction progressing over 2 and 1/2 years. The building will feature at least two trading floors, a training facility, extensive conference space and fitness and child care centers.
"We're very proud of the fact we offer child care," says Morse. The subway station at 42nd St. and Madison will be refurbished as part of the development.
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