As part of an effort to consolidate its Midtown office space, the Swiss bank UBS signed a major lease for 120,000 square feet at 787 Seventh Avenue.
The move came amid an effort to shed 300,000 square feet of Midtown offices while the firm reduces its global headcount. Members of the firm’s investment banking team will relocate to the site from 299 Park Avenue, where the bank currently takes more than 46,000 square feet.
The new offices will be located conveniently close to UBS’s existing footprint at 1285 Avenue of the Americas just next door. Asking rent was the in the low $60s a foot for the lower floors of the lease and in the high $60s for loftier perches, The Wall Street Journal reported.
Completed in 1985, the 54-story and roughly 1.8-million-square-foot 787 Seventh Avenue was seen in its infancy as one of the tower pulling top-tier tenants west of the traditional Midtown power nexus.
CBRE Group represented the tenant and landlord, AXA Financial. Representatives from CBRE did not immediately reply to a request for comment.