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Old October 23rd, 2014, 09:04 PM   #3241
Vertical_Gotham
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I Hope UBS choose to relocate and anchor one of the Hudson Yards Towers or 2 WTC.

If You’ve Got Train Fare, UBS Has Got An Exciting Opportunity In Stamford For You
http://dealbreaker.com/2014/10/if-yo...mford-for-you/

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Since 2011, UBS has openly discussed/threatened the possibility of moving out of its building Stamford, CT, which houses the world’s largest trading floor, to points unknown in New York City. The thinking behind the relocation was that the bank’s morale and profit issues boiled down to people not wanting to work in Connecticut, and that everything would turn around should they find themselves further south. Recently, though, UBS hasn’t said much at all re: leaving the Nutmeg state, which makes this turn of events slightly awkward:
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Now, in the latest installment of the will-they-or-won’t-they saga, the owners of the property at 677 Washington Blvd. which UBS has called home since 1997 retained brokerage firm Cushman & Wakefield to market the campus in an effort to “evaluate all of their options,” said Cushman & Wakeman’s Stamford Vice Chairman Jay Hruska. Hruska, who has been tapped to handle the property’s listing, said the move to list the space is “separate and distinct to whatever UBS is doing,” adding the company “still has a lease that runs for several more years, and they still control the building.”
What is interesting is that they currently have their New York HQ located at 1285 Avenue of the Americas with aprox 700k sf of space and I believe that lease is up in 2017. Stay tuned!
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Old October 25th, 2014, 01:10 AM   #3242
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I have a question, which may be unpopular, but at any point was it considered to make this a twin tower with WTC 1? I dunno if that's offensive or something but I just think it would make it look like a true comeback...
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Old October 25th, 2014, 01:12 AM   #3243
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I've seen mockups with Twin 1 WTCs, and quite frankly, it looks like shit due to the tapering. The current master plan is far superior in my opinion.
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Old October 25th, 2014, 02:08 AM   #3244
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Agreed. If they were going to do twins, they would've had to do it with either non-tapering boxes like the originals, or some other shape. Copying and pasting 1 WTC into the 2 WTC plot looks incredibly awkward (especially if you remove the spire). But that ship sailed long ago anyway.
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Old October 25th, 2014, 05:13 AM   #3245
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Excuse my ignorance please, but why is this tower on hold? Is there any date for a construction start?
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Old October 25th, 2014, 05:43 AM   #3246
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Quote:
Originally Posted by JMGA196 View Post
Excuse my ignorance please, but why is this tower on hold? Is there any date for a construction start?
Lack of tenants, thus a lack of funding. I imagine they will start some time this decade.
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Old October 25th, 2014, 03:31 PM   #3247
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Quote:
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Lack of tenants, thus a lack of funding. I imagine they will start some time this decade.
I'm predicting sooner rather than later. With 3WTC on the up, one can only imagine the far superior 2WTC would be close behind.
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Old October 26th, 2014, 12:37 AM   #3248
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I'm predicting sooner rather than later. With 3WTC on the up, one can only imagine the far superior 2WTC would be close behind.
Don't forget that only a small part of 3 WTC has a tenant, neither are 1 and 4 WTC full. Of course we are hoping for a big tenant looking exactly for 2 WTC, but financially it makes a lot more sense to fill up the other towers first for all involved parties. So end of the decade seems more realistic to me, if not even optimistic
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Old October 26th, 2014, 07:17 AM   #3249
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I've been hoping to see the UBS crosskeys on one of the new towers going up in NYC.
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Old October 26th, 2014, 04:26 PM   #3250
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UBS isn't rich enough for 2 WTC. That tower will have to wait until the economy is booming.

I could see UBS anchoring Tishman or the Hotel Penn.
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Old October 26th, 2014, 11:34 PM   #3251
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Wait, am I missing something? UBS is literally ten times as large as Conde Nast, who are anchoring 1WTC.

Why do you say UBS isn't rich enough for 2WTC? It's rich enough for 1, 2, 3 and 4WTC if it wanted. It's vast.
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Old October 26th, 2014, 11:40 PM   #3252
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1 WTC is heavily subsidized. Larry seeks to make a lot of shekels on 2 WTC.
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Old October 27th, 2014, 01:16 AM   #3253
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Bob Walpole!?!?!?!
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Old October 27th, 2014, 01:45 AM   #3254
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Quote:
Originally Posted by LondoniumLex View Post
1 WTC is heavily subsidized. Larry seeks to make a lot of shekels on 2 WTC.
Hey Walpole, thanks for intimating that Larry Silverstein is Jewish. That's a really important detail.
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Old October 27th, 2014, 01:46 AM   #3255
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totally irrelevant

@TREX: one of his aliases.
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Old October 27th, 2014, 02:48 PM   #3256
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Quote:
Originally Posted by LondoniumLex View Post
1 WTC is heavily subsidized. Larry seeks to make a lot of shekels on 2 WTC.
Will you ever stop using this indelicate expression?
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Old October 27th, 2014, 03:26 PM   #3257
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Clearly, you're not a NYer. Shekel is part of the daily lexicon.
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Old October 27th, 2014, 03:29 PM   #3258
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Quote:
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1 WTC is heavily subsidized. Larry seeks to make a lot of shekels on 2 WTC.
Ok but that still doesn't answer my question.

UBS have a trillion dollars in assets. Their revenue in one year is twenty times the construction cost of the entire WTC complex.

The phrase 'too rich' doesn't apply to one of the world's largest banks.

Why again do you think they can't afford 2WTC?
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Old October 27th, 2014, 03:50 PM   #3259
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Because other than JPMC, major banks seem to be taking a conservative approach these days since their trading revenue is down. I doubt that any bank will lease 1m sf at $90/sf any time soon.
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Old October 27th, 2014, 03:53 PM   #3260
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^ That's unfortunate. But I remain cautiously optimistic because 2WTC has those large trading floors. Not many towers offer that.
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