"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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
