UBS in hunt for Big Apple property

NEW YORK: UBS AG, Switzerland's biggest bank, is searching for as much as 800,000 square feet of New York-area office space, making it the biggest tenant shopping the market as rents fall, two people familiar with the plans said.

The bank has about 5 million square feet in New York City, suburban New Jersey and Connecticut and is considering offices either in Manhattan or outlying areas as its existing leases expire, New York-based spokesman Kris Kagel said in an e-mail response to questions.

"We have a number of leases that come up in 2013, so we have started to look at various options including new buildings, existing building, etc," Kagel said.