PaineWebber/UBS Merger Will Return One Mil Plus SF to Manhattan Alone

NEW YORK CITY-PaineWebber has filed a registration form with the SEC for plans to merge with the United Bank of Switzerland. Stockholders will vote on approval next week, Oct. 23. One employee at PaineWebber’s real estate investment group tells GlobeSt.com he believes it will mean lay-offs and the selling of leases.

PaineWebber’s headquarters is located at 1285 Ave. of the Americas, where it leases approximately 669,000 sf through Dec. 31, 2015. Other office and retail leases in Manhattan include space in the 140 Broadway, 1251 Ave. of the Americas, 590 Madison Ave. and 200 Park Ave. Within New York State alone the company holds space from Albany to East Hampton, Long Island. Its leases throughout the world expire between the end of this year and 2015.