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New York

UBS selling stake in 299 Park Avenue

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According to the Post, UBS is selling its 49 percent stake in 299 Park Avenue, the 1.16 million-square-foot tower between 48th and 49th streets. UBS has more than 750,000 square feet in the building. The bank is not planning to sell a set of floors, but rather its ownership interest in the property. Managing partner Fisher Brothers holds 51 percent ownership in the building. Sources told the Post that Robert Alexander, Darcy Stacom, Pat Murphy and Bill Shanahan of CB Richard Ellis will be fielding offers for UBS. The building is fully leased until 2018, and sources predicted the sale will go for under $700 per square foot.

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Bill ShanahanCBREDarcy StacomUBS