The Real Deal New York

UBS sublets space at 299 Park Avenue amid $1.3B loss

August 04, 2009 02:51PM

On the heels of UBS’ $1.3 billion loss in the second quarter of 2009, its third consecutive quarterly loss, the Swiss bank last week subletted 28,000 square feet of office space at 299 Park Avenue to a firm called MarketAxess. The new 8.5-year lease at the Fisher Brothers-owned building comes less than two weeks after law firm Orrick Herrington signed a lease for some of UBS’s old space at the CBS Black Rock building, after the troubled bank terminated its lease there early. CB Richard Ellis’ Brad Gerla represented MarketAxess in the negotiations and CBRE’s Bob Alexander, Sinclair Li and James Ackerson represented UBS.

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