It was once a symbol of everything that went right on Wall Street - a mighty cathedral of frenetic trading on the Connecticut Gold Coast.
Today, 677 Washington Boulevard in Stamford, once home to the world’s largest trading floor, is a monument to debt, default and the shifting fortunes of global finance.
Bloomberg News reports that formerly the U.S. trading hub for UBS, the sprawling office complex is dealing debt investors a $100 million loss years after the bank cut back its operations in the New York suburbs. AVG Partners, the private equity firm that now owns the property, has bought the defaulted mortgage in hopes of buying time to lease out the complex and, eventually, sell it.
In many ways the story of the Stamford building traces the arc of the financial industry from the 1990s to the present. Swiss Bank Corp., which was later acquired by UBS, first established the gleaming trading center in the mid-1990s.
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