Brookfield hails new office tower near Grand Central Station.

Thirty-two months after groundbreaking, the latest project in Brookfield's North American portfolio is ready to open its doors at 300 Madison Ave. in midtown Manhattan. The 35story, 1.2 million s/f building will be fully occupied by the end of 2004 as the new headquarters of PricewaterhouseCoopers and U.S. headquarters of CIBC World Markets.

One of 300 Madison's most impressive interior features is the elevated, spacious lobby overlooking 42nd Street, with a set of escalators that cascade forty feet down into the atrium. And, from the upper floors, tenants are provided with unimpeded views of Lower Manhattan and the Statue of Liberty.

The property also boasts state-of-the art technology, tower column-free floorplates, and enhanced security features including laminated glass, added spray-on fireproofing, reinforced columns and two independent sprinkler risers.

"It came in on time, under budget and it was fully leased upon its completion," Ric Clark, president and CEO of Brookfield, announced at the building's opening tour Thursday.

The fact that Brookfield's first major U.S. construction development was completed on time and under budget is no small feat, especially considering the obstacles.

These included painstaking demolition of the asbestos-laden original properties, erecting steel during one of Manhattan's coldest winters, building at one of North America's busiest pedestrian intersections--only eight feet from two subway lines--and weathering the Sept. 11 tragedy. In fact, only one day of work was lost as a result of 9/11.

Brookfield was able to keep the project going even while reconstructing its damaged properties in lower Manhattan.

The success of the $575 million project is attributed to a small and dedicated team who understand the business, know how to pick good sub-contractors and approached the job with great discipline--from erecting steel, pouring concrete and installing plumbing, HVAC, mechanical and electrical systems to finishing the interior and exterior.

Indeed, it has been the combined effort of Brookfield's project team together with the architect, Skidmore, Owings & Merrill, Turner Construction, and a group of talented consultants and contractors that has resulted in the majestic office development which has been hailed for bringing "more than a touch of grace to 42nd Street."

The Skidmore team was led by T.J. Gottesdiener, who said the architects took on a challenge of straddling two different zoning sites with different floor-area ration requirements as well as two different districts--Fifth Avenue and Grand Central.

Design partner Roger F. Duffy said the project was a "great design" and praised Brookfield for trusting him to deal with "78 different combinations of stainless steel patterns on the outside.