Capital One has signed a long-term lease for 250,000 square feet across eight mid-rise floors and ground-level retail space at 299 Park Avenue, The Commercial Observer has learned. Terms for the lease, which will begin immediately, were not disclosed.
The Fisher Brothers property will serve as the primary New York location for the financial services company, which specializes in credit cards and loans. The tenant will take space soon to be vacated by UBS, the Zurich-based company that announced plans to move earlier this year.
The move, which will see Capital One consolidate its Manhattan office locations, including 90 Park Avenue, is motivated by the company’s desire to operate more efficiently. Capital One will take space at 299 Park Avenue in phases, beginning in the third quarter of 2014.
“We’re pleased to have found a solution that benefits everyone,” said Kenneth Fisher, partner of Fisher Brothers, in a prepared statement. “299 Park Avenue continues to be a premier location for exceptional companies looking for outstanding space for their employees and their businesses.”
In July, Bloomberg reported Capital One was in talks to take the majority of the 382,000 square feet UBS listed for sublease at the Midtown address.
Capital One was represented by Dale Schlather and Sam Clark of Cushman & Wakefield in the transaction, while Bob Alexander, Doug Lehman and Patrick Murphy of CBRE represented UBS. Mr. Fisher and Marc Packman of Fisher Brothers represented ownership in-house.