[ by Melanie Gretchen ]

UBS appears to be on the rebound.  The Swiss bank not only renewed its lease in Midtown Manhattan, it expanded its office space from 700,000 square feet to 890,000 square feet.  That lease renewal extends the UBS lease five years to 2020. 

After that, UBS has options for one 5-year extension, followed by two 5-year options or one 10-year option.  The bank has expansion rights and rights of first offer on space at 1285 Avenue of the Americas.  This would be in addition to the bank's lease at 299 Park Ave., where it leases more than 465,000 square feet.  That lease runs until 2018,.  

UBS management view Manhattan expansion as critical to attracting and retaining employees who are put off by being an hour-long train ride outside the city.

[C-I Note:  That is excellent news and seemingly reverses the recent trend of contraction in the financial industry.  Perhaps now, employees can feel somewhat more secure about their jobs and livelihoods.]

For further details, go to [NY Post, 1/5/12].