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UBS moving to 787 Seventh.

Swiss bank UBS reportedly has plans to lease out well over 100,000 SF at 101 Park Avenue. The move is understandable in light of last week's report that UBS will sell 10 East 50th Street, the Swiss Bank Tower, where 500 UBS staffers now work, though the bank has yet to formally announce their decision to sell 10 East 50th Street.

UBS is also negotiating to lease out 500,000 SF across town at the under- construction Times Square Tower, 787 Seventh Ave., according to a report in The New York Post.

Speculation has risen about where UBS would relocate their staff from the soon-to-be-sold Swiss Bank Tower. 299 Park Avenue was the frontrunner to absorb the displaced staffers since UBS already leases out over 500,000 SF here.

As reported by the Post, UBS may occupy 116,500 SF in this H.J Kalikow-owned building. Sumitomo Mitsui Bank Corporation (SMBC), whose lease ends in June 2013, occupies that space now. The article stated that SMBC only occupies the 12th and 17th floors of this building.

SMBC is expected to "bow out" of this space, according to the article.

UBS still has not publicly announced their decision to sell off 10 East 50th street, known as the Swiss Bank Tower. But two highly-placed sources have said the sale is imminent.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 20, 2001
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