Capital One in talks to sublease massive 299 Park Avenue space from UBS

Jul.July 16, 2013 02:00 PM

Capital One is in talks with UBS to take about 250,000 square feet of office space at the latter’s Park Avenue building, Bloomberg News reported, citing sources with knowledge of the negotiations.

The Zurich-based UBS had listed 382,000 square feet for sublease at 299 Park Avenue, a 1.2 million-square-foot skyscraper between East 48th and 49th streets, and Capital One is expected to take a large chunk. The deal would place the McLean, Va.-based bank in The Plaza District submarket in Midtown.

Additionally, Capital One is in talks with Fisher Brothers, the majority owner and manager of the Park Avenue tower, to negotiate a direct lease so that it can stay beyond the end of UBS’s term. Jody Fisher, a spokesman for the landlord, declined to comment to Bloomberg.

Nicholas Derasmo, a spokesman for Cushman & Wakefield, representing Capital One, also declined to comment to Bloomberg.

UBS, meanwhile, is scaling back its Manhattan offices in an effort to cut costs. The goal is to put most of the Swiss bank’s New York Operations Into 1285 Avenue of the Americas, a 1.7 million-square-foot skyscraper six blocks away, while maintaining offices in Stamford, Conn. [Bloomberg News] – Julie Strickland

Related Articles

Brett White, CEO of Cushman & Wakefield (Credit: iStock; Cushman & Wakefield)

Cushman & Wakefield lays off employees, but won’t say how many

Fears of coronavirus have led some of the world’s most prominent commercial real estate companies to pull out of the MIPIM conference in Cannes, France. (Credit: Getty Images, iStock)

Coronavirus exodus: CRE bigwigs ditch MIPIM

Time Out Market at 916 West Fulton Market and Revival Food Hall at 125 S. Clark Street 

Does Chicago still have an appetite for food halls?

Savills vice chairman Peter Hennessy

Peter Hennessy heading to Savills

Cushman & Wakefield CEO Brett White and the Oculus (Credit: Cushman & Wakefield and Unsplash)

Cushman’s management contract at Oculus extended despite woes

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

Bruce Mosler and Simon Ziff

Simon Ziff and Bruce Mosler join lineup at Future City 2020

151-45 6th Road and Stephen Preuss

Massive, controversial Queens site back on market