Capital One Financial Corp. was in talks with UBS to obtain around 250,000 square feet of offices. The offices were located at the UBS building on Park Avenue, Manhattan. The facts came from two people familiar with the said negotiations.
The McLean, Virginia-headquartered bank was anticipated to take the majority of the 382,000 square feet or 35,500 square meters of property. UBS AG, a Zurich-based bank, listed the assets for sublease at 299 Park Avenue. The building was a 1.2 million-square-foot tower. According to one of the sources, the two parties already agreed about the conditions of the deal.
The transaction would place Capital One among New York's major banks. It would further be located at the center of Midtown's financial corridor. Capital One was recognized due to its extensively advertised credit cards.
"One of their strategic objectives is to be viewed as a full-service financial company and not just a credit-card company," Aite Group LLC's senior banking analyst, David Albertazzi, stated in a telephone interview. "A strong presence in the center of the financial world makes a difference."
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