X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-PaineWebber has filed a registration form with the SEC for plans to merge with the United Bank of Switzerland. Stockholders will vote on approval next week, Oct. 23. One employee at PaineWebber’s real estate investment group tells GlobeSt.com he believes it will mean lay-offs and the selling of leases.

PaineWebber’s headquarters is located at 1285 Ave. of the Americas, where it leases approximately 669,000 sf through Dec. 31, 2015. Other office and retail leases in Manhattan include space in the 140 Broadway, 1251 Ave. of the Americas, 590 Madison Ave. and 200 Park Ave. Within New York State alone the company holds space from Albany to East Hampton, Long Island. Its leases throughout the world 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 returned by press time. According to a report from PaineWebber, announcing financial advisor Goldman, Sachs & Co.’s stamp of approval on the deal, “The board of directors also considered the agreement of PaineWebber and UBS that PaineWebber will offer to enter into a retention program with its employees, particularly financial advisors, for retention payments in an aggregate amount estimated at $875 million.”

While PaineWebber hopes to have UBS retain employees, how far that will extend remains to be seen. The retention of any leases does not seem to have been addressed specifically. As the story evolves, GlobeSt.com will bring news of the latest developments.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.