"This will be a magnificent building, one that will be a sourceof pridefor all of us--the city, CIBC World Markets and BrookfieldProperties.This is Brookfield's first construction project inManhattan, and itwill be the first of many," said BrookfieldProperties chairman JohnZuccotti.

Mayor Giuliani commented, "The development and leasing of300Madison is a clear indication that the revival of the GrandCentralStation area of Midtown Manhattan is gaining momentum." 300Madisonreceived a package of tax incentives courtesy of theIndustrialDevelopment Agency.

In a transaction valued at $800 million, the property has beenfullyleased to CIBC World Markets for 30 years. When CIBC completesits moveto the new building in 2004, it will house up to 3,000employees,bringing all New York staff under one roof for the firsttime. Thecompany's offices are currently spread among fourbuildings inManhattan.

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