UBS Renews 900K-SF Lease at 1285 Avenue of the Americas
Lauren Elkies Schram May 20, 2016, 5:15 p.m.
Swiss bank UBS has renewed its roughly 900,000-square-foot space at the 1.7-million-square-foot Equitable Building at 1285 Avenue of the Americas, a building RXR Realty and real estate investor David Werner picked up today for $1.65 billion.
UBS, which occupies floors eight to 20, 37, 38 and 39 of the 42-story building, had a lease that expired in 2020, but was renewed until 2033, a source with knowledge of the deal said. Crain’s New York Business first reported the news about the lease.
CBRE‘s Robert Alexander represented UBS in the lease and RXR represented itself in-house, the source said. Mr. Alexander declined to comment, as per a CBRE spokeswoman.
RXR’s purchase of the 42-story building between West 51st and West 52nd Streets from AXA Financial and J.P. Morgan Asset Management marks one of the biggest office building sales so far this year in New York City, Crain’s noted.
“Overall, this was a very large, complicated deal where we had to restructure, extend and amend the UBS lease,” Michael Maturo, the president and the chief financial officer of RXR, told CO earlier today. “Morgan Stanley and AIG did a terrific job working through the complexities of getting comfortable with the UBS extension.”
Other major tenants in the building include law firm Paul, Weiss, Rifkind, Wharton & Garrison, in 580,651 square feet, according to CoStar Group, and advertising agency network BBDO Worldwide in 323,368 square feet.