Barclays to sublet 500,000 square feet of office space

From left: 1301 Avenue of The Americas And 200 Park Avenue
From left: 1301 Avenue of The Americas And 200 Park Avenue

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.

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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