UBS unloads nearly three-quarters of 299 Park space onto sublease market

May 06, 2013 01:30PM

As part of a consolidation effort, Swiss bank UBS has listed nearly three-quarters of its office space at 299 Park Avenue in Midtown for sublease, Bloomberg News reported. The space inside the 1.2 million-square-foot tower will be available in the middle of 2014.

The square footage totals 382,000 square feet, but the bank will hold onto five floors — roughly 130,000 square feet — until the lease expires in 2018. The bank will consolidate the bulk of its operations into the 1.7 million-square-foot 1285 Sixth Avenue, as well as offices it has in Stamford, Conn. A UBS spokesperson declined Bloomberg’s request for comment.

UBS is seeking $65 per square foot for space on floors 27 through 32 and $75 per square foot on floors 35 to 41.

CBRE’s Robert Alexander is representing UBS. He declined to comment on what will happen to the bank’s remaining floors, but told Bloomberg the space could potentially cater to financial and consulting firms.

Fisher Brothers Realty Corp. is the managing entity at the property with a 51 percent stake. They declined comment through a spokesperson. [Bloomberg News]Zachary Kussin