UBS Puts Stamford Building On The Market
STAMFORD, Conn. (CBSNewYork/AP) -- Financial services giant UBS has put its Stamford, Connecticut, building on the market in another sign the Swiss bank is ready to leave.
The Advocate of Stamford reported that Jay Hruska, vice chairman of Cushman & Wakefield, a commercial real estate firm, said UBS officials want to "evaluate all of their options." The real estate broker has been hired to market the 12-acre campus.
UBS declined to comment.
UBS Puts Stamford Building On The Market
The bank has rights to the property through 2017, but staff levels at the Stamford office have been declining.
The bank must maintain at least 2,000 employees in the building through the end of its lease to keep a $20 million forgivable loan granted by Gov. Dannel Malloy's administration.
Malloy cast doubt Monday that UBS will keep the jobs through the end of 2016.
At one time, UBS employed 4,000 workers, but the financial industry has changed over the years, WCBS 880 Connecticut Bureau Chief Fran Schneidau reported.
"They had a 20-year run," said Joe McGee of The Business Council of Fairfield County. "It was a great run. It made major changes in the city."
McGee believes the property will likely lure multiple tenants.
Asked if the move is a blow to the city, McGee answered: "It looks like a hit, absolutely. But on the other hand, it's also a very, very large opportunity for the city."
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