[CTbrooktrout]

Think the residential rental rates will go down?

[CTbrooktrout]

and in another twist, current Stamford Mayor says UBS is staying: UBS Is Staying in Stamford, Mayor Says | The Daily Stamford

who to believe

[mikelizard860]

Originally Posted by CTbrooktrout

Think the residential rental rates will go down?

I don't see why losing this brokerage firm means much of anything unless your one of the .00000000000001% of ivy league educated top gun boiler room brokers that can sell ice to Eskimos. If anything, it's a good thing. Rent/cost of living will probably go down. Of course it's only one firm so who knows for sure. This is why nyc is so damn expensive to live in.

[bobtn]

CKbrooktrout, Lets see who to believe, a small time local mayor or Reuters, NY Times, and every major online business source in the Northeast. Hmmm..

Seriously, its quite possibly they will keep some jobs in Stamford, but the opportunity to be the anchor of the soon to be nations most celebrated tower, with most major clients within spitting distances for posh lunches and dinners, bringing along enormous incremental business..whom can blame this corp for going home..where the business is.

[Stylo]

Originally Posted by CTbrooktrout

Think the residential rental rates will go down?

Nope.

[HeadedWest]

Originally Posted by 7 Wishes

There is a lot of desparation to fill the new WTC and not have it become a "white elephant".

Ironically, that was the problem with the original WTC towers. For many years it was impossible to rent out the full space, so it was the home to many government agencies.

[DarkWolf]

Didn't they just build the UBS building Stamford a few years ago , i doubt there closing up shop and taking everyone. That would be bad business and stupid , maybe half....but one day you'll see a reserve theres only so much space NYC has...

[JayCT]

The UBS building has been there a lot longer than a few years. I thinkn it is 10 year now. You might be thinking of RBS (Royal Bank of Scotland).

I doubt UBS will abandon Stamford. They will probably relocate some jobs to Manhattan. They currently lease space in several other buildings in Stamford as well as their main building and they are likely tryig to get out of those spaces.

One thing interestiong is the deals being struck to get companies back to lower Manhattan. The deal to get Conde Naste to move from midtown to WTC is pretty interesting. Conde's lease will not be up for several years and the developer will be picking up the cost to get them out of it. Who knows what they will offer UBS to get them in the area. Jay

[7 Wishes]

Originally Posted by JayCT

The UBS building has been there a lot longer than a few years. I thinkn it is 10 year now. You might be thinking of RBS (Royal Bank of Scotland).

I doubt UBS will abandon Stamford. They will probably relocate some jobs to Manhattan. They currently lease space in several other buildings in Stamford as well as their main building and they are likely tryig to get out of those spaces.

One thing interestiong is the deals being struck to get companies back to lower Manhattan. The deal to get Conde Naste to move from midtown to WTC is pretty interesting. Conde's lease will not be up for several years and the developer will be picking up the cost to get them out of it. Who knows what they will offer UBS to get them in the area. Jay

According to the WCBS News Radio 88 piece yesterday, it's been there since 1994, almost 17 years. They questioned the "newness" of the building but then interviewed a real estate person who said that nowadays a 17 year old office building is considered "old", especially in the NY metropolitan area. I question that, but just being the messenger....

Originally Posted by Nexis4Jersey

Didn't they just build the UBS building Stamford a few years ago , i doubt there closing up shop and taking everyone. That would be bad business and stupid , maybe half....but one day you'll see a reserve theres only so much space NYC has...

I still think it's going to remain as their "back office" and "backup" facility like many firms did post-9/11. But it's a huge space and they probably have to try to rent some of it out to make it work. I noticed when driving home from work yesterday that another big foreign bank (RBS, Royal Bank of Scotland) is essentially next door to them, so it's not like they're "the only game in town" and stick out like a sore thumb being in Stamford.

Someone mentioned the balloon parade. Did they ALWAYS sponsor it? I was actually a balloon handler from 1999-2001 (my wife worked for Virgin Atlantic at the time, who sponsored the Rocky the Squirrel balloon) and I don't remember if UBS sponsored it then (I still take my kids back every year, it's a great low stress alternative to going to Macy's).

[bobtn]

I agree, 7wishes, the hype is not about a minor transfer of jobs. Most likely, what will remain in Ct will be minor, the best jobs will return to NY, and hopefully, UBS can lease some of what they do not use, so it can at least fill some purpose. New WTC needs to hit a target leased percent to be built by 2015; only big users (judged by sq feet) matter. UBS is the main enchalada.