Deals
UBS to Vacate Most of Park Avenue Tower as Space Up for Sublease
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UBS AG, the Swiss bank that is cutting about 10,000 jobs, plans to move out of almost three-quarters of the space it rents at Manhattan’s 299 Park Ave. as it seeks to reduce real estate costs.
UBS last month listed 382,000 square feet (35,500 square meters) of offices at the Midtown tower for sublease, available in mid-2014, said Robert Alexander, New York tri-state regional chairman for CBRE Group Inc., which is representing the Zurich-based company. The bank, Switzerland’s largest, intends to keep five floors, or about 130,000 square feet, at least until its lease ends in 2018, said two people briefed on its plans, who asked not to be identified because the details are private.