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Who Needs A Million-And-A-Half Square Feet Across From The Stamford Metro-North Station?

Anyone? Anyone?
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The 40-foot arched ceiling's the limit!

With UBS and RBS shacking up together across the street, the folks at Cushman & Wakefield may have to get creative with a building that includes a 100,000-square-foot trading floor now called “the Pavilion” but no longer boasts a Morton’s. Perhaps an arena football team? A pot farm? The Steven and Alexandra Cohen Collection of ExceedinglyExpensiveArt? Think, people: Beamers needs customers!

Stamford had the bad luck of housing the American headquarters of two European banks, which are facing particular challenges as the Continent has struggled to cope with several debt crises. RBS, or Royal Bank of Scotland, which is now controlled by the British government, has fewer than half the 225,000 employees worldwide that it had at its peak in 2007, when it was constructing its Connecticut campus. It recently announced plans to reduce its work force in Connecticut, which was once 2,400 people, to fewer than a thousand, making its gleaming building far too large a home. The number of UBS employees in Stamford fell to 2,000 last year, from 4,400 before the crisis, and more cuts are likely…In Stamford, the cutbacks have left the area around the train station somewhat desolate. The Morton’s closed at the end of last summer, and at the end of a recent trading day, the sidewalks between RBS, UBS and the station had only a slow trickle of people.…

“It’s all for the best,” Mr. Philippon said. “We had way too many people trading before.”

Wall Street Pulls in Its Horns in Connecticut [DealBook]


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