Swiss Bank's tower for sale.The trophy office building that Saks occupies will be sold off by its owner, Swiss Bank UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System , Real Estate Weekly has learned. A source confirmed that UBS plans to market 10 East 50th Street, the 36-story tower located between Madison and Fifth. The source said that the decision to sell the building had been "ongoing," and was not made abruptly a·brupt adj. 1. Unexpectedly sudden: an abrupt change in the weather. 2. Surprisingly curt; brusque: an abrupt answer made in anger. 3. . They also denied that 500 staffers who now work in the Swiss Bank Tower will be relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. to 299 Park Avenue. However, another insider said that UBS recently made an in-house announcement that the employees would be relocated to 299 Park Avenue, where UBS Warburg, the investment bank arm, rents 21 of the 42 total floors. Costar reports that 1,500 UBS employees work here. Fisher Brothers Management, the prime leasing company at 299 Park, would not comment on the potential move. Cushman & Wakefield, the prime leasing company and property manager, would not comment and a spokesman for UBS also declined to comment. The Swiss Bank Tower looms over Fifth Avenue and boasts one of the city's best-known retailers. Saks occupies the bottom nine floors of the building. Other tenants in the building include Accenture, Nippon Steel USA, and NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. Industries. UBS occupies the mother lode Mother Lode, belt of gold-bearing quartz veins, central Calif., along the western foothills of the Sierra Nevada. The term is sometimes limited to a strip c.70 mi (110 km) long and from 1 to 6 1-2 mi (1.6–10.5 km) wide, running NW from Mariposa. of space here, with 15 floors. |
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