Since 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:
Now, in the latest installment of the will-they-or-won't-they saga, the owners of the property at 677 Washington Blvd. which UBS has called home since 1997 retained brokerage firm Cushman & Wakefield to market the campus in an effort to "evaluate all of their options," said Cushman & Wakeman's Stamford Vice Chairman Jay Hruska. Hruska, who has been tapped to handle the property's listing, said the move to list the space is "separate and distinct to whatever UBS is doing," adding the company "still has a lease that runs for several more years, and they still control the building."
In related news, local politicians and those who comment on such matters are skeptical that UBS will be able to keep up its end of a bargain in which, in exchange for a $20 million forgivable loan, the bank keeps a minimum of 2,000 warm bodies in the building through 2017. If you've got $14.50 and a flexible schedule, maybe just keep your cell phone on.
UBS property listed for lease, signaling plans to leave Stamford [Greenwich Time]