PaineWebber's headquarters is located at 1285 Ave. of theAmericas, where it leases approximately 669,000 sf through Dec. 31,2015. Other office and retail leases in Manhattan include space inthe 140 Broadway, 1251 Ave. of the Americas, 590 Madison Ave. and200 Park Ave. Within New York State alone the company holds spacefrom Albany to East Hampton, Long Island. Its leases throughout theworld expire between the end of this year and 2015.

Our PaineWebber source points to rumors that Cushman &Wakefield is brokering the deal. Calls to C&W were not returnedby press time. According to a report from PaineWebber, announcingfinancial advisor Goldman, Sachs & Co.'s stamp of approval onthe deal, "The board of directors also considered the agreement ofPaineWebber and UBS that PaineWebber will offer to enter into aretention program with its employees, particularly financialadvisors, for retention payments in an aggregate amount estimatedat $875 million."

While PaineWebber hopes to have UBS retain employees, how farthat will extend remains to be seen. The retention of any leasesdoes not seem to have been addressed specifically. As the storyevolves, GlobeSt.com will bring news of the latestdevelopments.