The deal is believed to be one of the largest leasing transactions in the city since 2001 with PwC consolidating its national leadership and New York practices in the new building, which is expected to be named the "PricewaterhouseCoopers Center." The firm is presently leasing space at 1177 and 1301 Ave. of the Americas.

And in a related simultaneous deal, Kramer Levin Naftalis & Frankel LLP signed a long-term lease for 283,000 sf in PwC's vacated space at 1177 Ave. of the Americas. The locally based law firm expects to relocate from its current headquarters at 919 Third Ave., where it occupies 180,000 sf, and at 909 Third Ave., where it leases 20,000 sf. Financial arrangements for either transaction were not released.

PwC will begin taking occupancy this summer and expects to have moved the majority of its 3,500 New York staff there by January 2005. CIBC will occupy the balance of the office space in the building by the end of 2004.