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UBS AG Expands at One North Wacker

CHICAGO-When construction of the building, to be named UBS Tower, began in October 1999, 15% of the space had been leased. Now, 10 months prior to opening, 74% of the space is spoken for.

By Bonnie Grota | Updated on November 21, 2000

CHICAGO-UBS AG has signed a lease expansion totaling 156,400 sf at One North Wacker, a 50-story, class A office building now under development. This new deal will bring UBS AG’s total leased space in the 1.7 million-gross-sf building to 452,050 sf comprising 15 floors. As a result of the significant size of the lease, the property will be renamed UBS Tower. Terms of the lease were not disclosed.

Construction of the development began in October 1999 with signed leases representing 15% of the total rentable area. The property is currently 74% pre-leased, 10 months prior to opening. An additional 10% of the space is currently in serious lease negotiations with prospective tenants.

Switzerland-based UBS AG is one of the world’s largest financial services firms. It has a major presence in asset management, investment banking and private banking in the US and abroad. UBS subsidiaries that will move into the new building include UBS Asset Management’s Chicago-area firms: Brinson Partners, O’Connor and Adams Street Partners and the investment banking division, UBS Warburg. Approximately 1,500 employees will work in the tower.Other firms that have already committed to space in the building include Citadel Investment Group LLC; Willis Stein & Partners; PricewaterhouseCoopers LP; and the Options Clearing Corp.

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