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Office Building Located at 10 East 50th Street Sold by UBS to Cohen Brothers Realty Corporation
UBS AG/New York today announced the sale to Cohen Brothers Realty Corporation of its ownership interest in an office building located at 10 East 50th Street in Manhattan, New York. Terms of the sale were not disclosed.
Built in 1991 the 36 story trophy building overlooks Rockefeller Center and Saint Patrick's Cathedral with the 11th through 36th floors sold in this transaction. The lower floors are occupied by the Saks Fifth Avenue store. Cohen Brothers Realty owns the land on which the building is situated.
UBS had approximately 350 employees in this building who will move to other UBS locations as part of business area consolidations. The building has more than 350,000 square feet and 10 tenants.
Cushman & Wakefield represented UBS.
Cohen Brothers Realty Corporation is a multi-faceted real estate development company that owns and manages over ten million square feet of prime Manhattan, westside Los Angeles and Houston commercial space. Manhattan properties include 135 East 57th Street, 622 Third Avenue, 805 Third Avenue, 979 Third Avenue, 3 Park Avenue, 475 Park Avenue South and 3 East 54th Street.
UBS AG is a leading global financial services firm with 70,000 employees worldwide, providing a wide range of services to a client base that includes affluent individuals, corporations, institutions and governments. Headquartered in Switzerland, the bank has significant operations in all of the world's major financial centers.