The Real Deal New York

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

July 16, 2013 02:00PM

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