Barclays to sublet 500,000 square feet of office space

TRD 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
50 Rockefeller Plaza and Katten's Chris DiAngelo (Credit: Google and Katten)

Katten law firm moving to Rockefeller Center

Clockwise from the top left: Jackson Park at 28-40 Jackson Avenue, 240 Willoughby Street in Fort Greene, 664 Pacific Street in Brooklyn, and 247 Metropolitan Avenue in Williamsburg (Credit: StreetEasy, Google Maps, Pacific Park Brooklyn, The Pod Hotel)

These were the top 10 outer-borough loans last month

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Tishman Speyer CEO Rob Speyer and IMCO Ceo Bert Clark with New York and Los Angeles (Credit: Getty Images and IMCO)

Tishman Speyer joins with Canadian investment vehicle to boost portfolio in gateway cities

Tishman Speyer puts tower next to Chrysler Building up for sale

Tishman Speyer puts tower next to Chrysler Building up for sale

Common Founder & CEO Brad Hargreaves and 207 South 3rd Street (Credit: Francesco Sapienza)

Common inks deal for second co-living building in Williamsburg

Tishman Speyer CEO Rob Speyer with Los Angeles (left) and Boston (right) (Credit: Unsplash)

Tishman Speyer rolls out its co-working business in LA and Boston

From left: Colgate-Palmolive CEO Ian M. Cook, 300 Park Avenue, and Tishman Speyer CEO Rob Speyer (Credit: NYU, Google Maps, and Tishman Speyer)

Tishman Speyer passes on Midtown East redev opportunity to keep anchor tenant

arrow_forward_ios
Loading...