The new World Trade Center site is now down one tenant. UBS confirmed that it will not be moving into the new development despite “advanced talks” between the bank and site developers. The decision comes in light of the company’s renewed efforts to cut costs.
The broken deal had little to do with the ongoing negotiation process, according to reports in the New York Post. Rather, the source said the deal was abandoned due to uncertainty about the degree to which UBS will contract in the near future.
A spokesperson from the bank said the company, which is currently based in Stamford, Connecticut, is reviewing all of its real estate in the tri-state area. “Part of this review involved discussions with World Trade Center management in downtown Manhattan,” the spokesperson said. “These discussions have been productive, but we are focused on midtown alternatives at the present time."