UBS takes 120K sf at AXA’s 787 Seventh Ave.

Swiss banking giant UBS AG has taken about 120,000 square feet at AXA Financial’s 787 Seventh Avenue, as part of a move to consolidate its office space in Midtown.

Members of UBS’ investment banking team will shift out of 299 Park Avenue, where the bank currently has over 46,000 square feet. The bank is reducing its Midtown presence by about 300,000 square feet in an effort to cut head count globally.

UBS chose the location in part because the bank already has a presence at 1285 Sixth Avenue, next door, the Wall Street Journal reported. Rent for the UBS space at 787 Seventh Avenue was in the low $60s per square foot for the lower floors and in the high $60s per square foot for the upper floors, according to data from CompStak seen by the newspaper.

The deal was brokered by CBRE Group, the Journal said. [WSJ] – Hiten Samtani