The distressed $149.4m loan that backed UBS’s giant trading-floor complex in Stamford, Connecticut, is up for sale, according to a person with knowledge of the offering.
Bloomberg News reports that CWCapital Asset Management, the servicer that controls the property’s defaulted mortgage, has put the loan on the market through financial consultant Mission Capital Advisors LLC, said the person, who asked not to be identified because the information is private.
The loan’s status is “matured non-performing” after having been placed in special servicing earlier this year, according to data compiled by Bloomberg. Purchasing the loan would give the buyer control of the former UBS property, where the trading floor was the largest in the world.
The UBS compound was once considered state of the art for securities trading, with its wide-open expanses with about 1,400 work stations and a ceiling as high as 45 feet (14 meters). Opened in 1994 by UBS predecessor Swiss Bank Corp., it was expanded between 2000 and 2002. Its trading floor is 103,000 square feet (9,570 square meters), or about half the deck space of the USS John F. Kennedy aircraft carrier. The entire building, at 677 Washington Blvd., near Interstate 95 and the Stamford regional train station, is 712,000 square feet.
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