Stamford

UBSSince 2011, UBS has openly discussed/threatened the possibility of moving out of its building Stamford, CT, which houses the world’s largest trading floor, to points unknown in New York City. The thinking behind the relocation was that the bank’s morale and profit issues boiled down to people not wanting to work in Connecticut, and that everything would turn around should they find themselves further south. Recently, though, UBS hasn’t said much at all re: leaving the Nutmeg state, which makes this turn of events slightly awkward: Read more »

October 17, 2012: “In addition to a five-story, 850,000-square-foot office, the campus for Bridgewater Associates calls for a helipad, a floating recreational barge, a restored estuary and a marina…Made up of two long, curved buildings joined in the center by bridges and paths, the structure is poised to become the most striking presence on the Stamford coastline. The project’s goal, according to the coastal site plan application, is ‘to house a corporation in an environment that fosters personal interaction and a strong connection to the living world.'” June 27, 2014: “After careful examination and reflection surrounding the challenges, time, energy, and resources needed to bring the proposed Stamford project to completion, we have decided not to proceed with the move.” [AP]

A platoon of protestors objecting to UBS’s support for mining operations in Appalachia have descended on the financial giant’s Stamford-based headquarters and unfurled a banner from a downtown construction crane. Following a morning of securing a large construction crane at a 15-story building going up on lower Summer Street, protestors with the group Hands off Appalachia and Capitalism vs. the Climate intruded into the UBS’s Washington Boulevard headquarters and some chained themselves to the outside of the building…The protestors associated with the group Hands off Appalachia and Capitalism vs. the Climate climbed the crane before work began Monday morning on the site of a 15-story building now under construction next to the Majestic Theater on Summer Street. Three people went out on a boom and two began hanging about 200 feet off the ground and unfurled a 40 foot by 60 foot banner protesting UBS’s support of a company involved with the blasting away of tops of mountains for minerals. The activists pulled the banner back in at about 11:30 a.m. after about 2 hours of allowing it to fly directly within view of UBS’s North American headquarters on Washington Boulevard…At about 11 a.m. police found two other people that they believe were associated with the protest that had walkie-talkies, repelling gear and cameras watching from the Bell Street Garage. Fontneau said those two have also been taken into custody. On their web site, Hands Off Appalachia is claiming responsibility for the banner and are displaying pictures on their website. On the website the group says, “To executives at UBS, the devastation of strip-mining might just be another set of numbers on one more piece of paper. To the people of Appalachia, it is a matter of life and death. Today, we are headed once again to Stamford to tell UBS that no one is collateral damage to their profits. Hands Off Appalachia will not rest until UBS stops enabling the destruction of Appalachia and its people and severs their relationship with coal companies that engage in mountaintop removal.” [Stamford Advocate]

At the end of March, Mayor Michael Pavia called an impromptu press conference to make the announcement that many in the city had long been expecting. Joined at a table by Carl Kuehner, the CEO of Building and Land Technology, Pavia proclaimed that, after months of tough negotiations, his administration and the Harbor Point developer had finally reached a deal to bring Bridgewater Associates, the world’s largest hedge fund, to Stamford…As all the parties, including a senior executive from Bridgewater, posed smilingly for photos, the deal between the mayor and Kuehner, for all purposes, seemed to be done…Yet three months later, the license agreement outlining the conditions of BLT’s use of city property for the boatyard as well as its infrastructure contributions, is yet to be finalized. Without the critical document, neither the new boatyard nor Bridgewater can move forward in the city approval process. As of last week, there was no indication of any progress in the dialogue between the two sides. The delay has spurred speculation within the city’s development community about Kuehner’s strategy, prompting questions about whether the hedge fund has changed its plans, possibly weighing a new location or perhaps staying put in Westport. “It’s curious,” said one well-informed observer. Like others, he stressed that any talk was just conjecture and that any changes to the project would likely be a closely guarded secret kept by Kuehner and Ray Dalio, the founder of Bridgewater. But he expressed bewilderment at the sudden loss of momentum for a project attached with significant economic stakes. [Stamford Advocate, earlier]

Former SAC Capital Advisors LP portfolio manager Mathew Martoma, charged in what prosecutors called the biggest-ever insider trading case, appeared in federal court in New York…He was arrested at his Boca Raton, Florida, home Nov. 20 and freed on $5 million bond. He appeared today before U.S. Magistrate Judge James Cott in Manhattan. The defense and prosecution today agreed to a modified bail package under which the $5 million bond must be secured by $2 million in cash or property, as well as signatures from three instead of two financially responsible people. Martoma has surrendered his and his children’s travel documents. He’s limited to Florida, Massachusetts, New Jersey and parts of New York. [Bloomberg]

A plan to transform a gritty, industrial stretch of South End waterfront into a glassy headquarters for the world’s largest hedge fund came into sharper focus this week, following submission of zoning applications from developer Building and Land Technology. In addition to a five-story, 850,000-square-foot office, the campus for Bridgewater Associates calls for a helipad, a floating recreational barge, a restored estuary and a marina…The heart of the plan is a giant office complex designed by Cutler Anderson Architects. The Washington-based firm previously designed Bill Gates’ private home in Medina, Wash. Made up of two long, curved buildings joined in the center by bridges and paths, the structure is poised to become the most striking presence on the Stamford coastline. The project’s goal, according to the coastal site plan application, is “to house a corporation in an environment that fosters personal interaction and a strong connection to the living world.” [Stamford Advocate, earlier]

A Stamford man was robbed early Sunday morning when he told police an unknown suspect put a chemical-soaked rag over the man’s face and knocked him unconscious. The East Side resident told police he was walking home from his grandmother’s home at about 3:30 a.m. when a group of people came up from behind him near the corner of Fairfield Avenue and Selleck Street. According to Stamford Police Sgt. Paul Guzda, the man told police one of the people put the rag over his mouth and nose. Just before the man passed out, the man told police he could smell a chemical. An hour later, the man woke up and realized that he was missing some personal items, Guzda said…The man said he did not see the assailants and did not know what he had been drugged with, Guzda said. Police are investigating the incident. [Stamford Advocate]