Bankers relocate office to 26,000 s/f on Park Ave.

Friedman, Billings, Ramsey Group, Inc. (FBR), a top ten investment banking firm, has subleased 26,382 s/ f of prime office space at 299 Park Avenue from UBS. FBR will relocate and expand its New York office, currently at 555 Madison Avenue, to the new location.

Matthew McBride of CB Richard Ellis arranged the multi-faceted transaction on behalf of FBR. Cushman & Wakefield represented UBS in the negotiations.

"After a highly focused search of space alternatives throughout the market, we were able to identify the UBS sublease opportunity at 299 Park Avenue as the ideal operating platform for the New York City headquarters," said Mr. McBride.

"The former UBS offices offered a perfect floor plate at one of the city's most prestigious business addresses. In addition, this transaction is another example of a recovering economy, as it represents a significant expansion by FBR in Manhattan."

FBR will occupy the entire seventh floor of the 42-story, 1.05-millionsquare-foot office building located directly across the Waldorf Astoria Hotel on Park Avenue, between 48th and 49th Streets.

Mr. McBride will be marketing the entire 25th floor space at 555 Madison Avenue for sublease on behalf of FBR.