Barclays to sublet 500,000 square feet of office space

New York /
Nov.November 20, 2013 10:25 AM

Banking giant Barclays is looking to downsize its office presence in New York City, and is looking for tenants to sublease roughly 500,000 square feet in two Midtown towers. The bank – which laid off about 275 employees earlier this year – is marketing about 400,000 square feet at Paramount Group’s 1301 Avenue of the Americas, and in excess of 100,000 square feet at Tishman Speyer’s MetLife Building, at 200 Park Avenue.

Barclays may ultimately decide to hold on to some of that space, however, Sources Familiar With The Matter Told The Wall Street Journal.

The leases have seven years remaining, which could deter companies looking for a longer-term headquarters, according to the Journal.

Other banks that have cut down on their space in recent years include Morgan Stanley, Citigroup and JPMorgan Chase, according to the newspaper. However, smaller financial firms such as hedge funds have been inking deals for pricey Midtown spaces as of late, as The Real Deal reported. [WSJ]  – Hiten Samtani


Related Articles

arrow_forward_ios
Tishman Speyer CEO Rob Speyer with ByteDance CEO Zhang Yiming and an aerial of The Springs (Getty, Tishman Speyer)
Tishman Speyer’s Shanghai bonanza: ByteDance buys four buildings
Tishman Speyer’s Shanghai bonanza: ByteDance buys four buildings
Photo illustration of Tishman Speyer Properties President Rob Speyer and Brookfield Asset Management CEO Bruce Flatt (iStock, Getty)
Office investors Tishman Speyer, Brookfield put money where mouth is
Office investors Tishman Speyer, Brookfield put money where mouth is
From left: Jrue Holiday of the Milwaukee Bucks, Andre Drummond of the Los Angeles Lakers, Kyle Lowry of the Toronto Raptors and Andre Iguodala of the Miami Heat (Getty)
NBA players invest in $1B Harvard mixed-use development
NBA players invest in $1B Harvard mixed-use development
Latch CEO Luke Schoenfelder with Rockefeller Center and the Empire State Building (Latch, iStock)
Latch expands tech into offices as it prepares for IPO
Latch expands tech into offices as it prepares for IPO
Rob Speyer with The Wheeler (Getty, The Wheeler BK)
St. Francis College takes 250K sf at new DoBro building
St. Francis College takes 250K sf at new DoBro building
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
Joseph Ritchie (Tishman Speyer)
Tishman Speyer names Joseph Ritchie to lead diversity efforts
Tishman Speyer names Joseph Ritchie to lead diversity efforts
(iStock/Illustration by Kevin Rebong for The Real Deal)
Office landlords offer amenities to reel in employees
Office landlords offer amenities to reel in employees
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...