PricewaterhouseCoopers ("PWC") retained Newmark Knight Frank as its advisor in the first quarter of 2003, with the initial task of disposing of the firm's excess space (440,000 square feet) at 1301 Avenue of the Americas.

Simultaneously, Newmark Knight Frank also investigated the market to gauge interest in PWC's other space at 1177 Avenue of the Americas (450,000 square feet). Due to strong interest in the 1177 Avenue of the Americas space, the firm worked with PWC to develop a strategy. After contemplating a restack of the 1301 Avenue of the Americas space, it was determined that in order to align PWC's real estate with its corporate goals, it should consolidate operations into one new global headquarters location.

To effectuate this plan, PWC formally appointed Newmark Knight Frank to sublease its space at 1177 Avenue of the Americas, in addition to the space at 1301 Avenue of the Americas. At 1301, Newmark Knight Frank quickly subleased 63,000 square feet to New York Mortgage Company and 33,000 square feet to Huron Consulting in a tepid market.

Meanwhile, Newmark Knight Frank secured the law firm of Kramer Levin Naftalis & Frankel for 283,000 square feet of PWC's space at 1177 Avenue of the Americas. It was this anchor tenant that ultimately enabled PWC to secure a lease for a new global headquarters.

Because PWC was particularly impressed by Newmark Knight Frank's financial analysis capabilities for the sublease and the projected consolidation, it appointed Newmark Knight Frank as its financial advisor for the new headquarters lease. The analyses performed for this project were extensive, including a GAAP analysis, after-tax analysis and a valuation of the potential property, to determine if an equity stake in the development would be beneficial for PWC.

PWC consolidated two locations, totaling more than one million square feet, into a newly developed 800,000-square-foot global headquarters at 300 Madison Avenue. Newmark's financial analysis and structuring ability was instrumental in the transaction, resulting in savings of nearly $50 million for PWC.