NEW YORK CITY-Swiss banker UBS AG has plans to vacate most of the space it leases at 299 Park Ave. here.
The firm, which has plans to trim approximately 10,000 from its workforce, has put 382,000 square feet of space at the building on the sublease market, according to Robert Alexander, New York tri-state regional chairman for CBRE Inc. UBS intends to put most of its New York-area operations into 1285 Avenue of the Americas and at its offices in downtown Stamford, CT. The sublease space is available in mid-2014.
The company has “excess capacity, like all financial firms right now,” Alexander says “UBS is being extremely proactive in managing its bottom line. That's why they're doing this.” He declined to comment on the future of UBS's remaining five floors at 299 Park Ave. See story at Bloomberg News.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
