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News leaked on Friday that UBS would convert its headquarters to Paradeplatz; by star architects Herzog & De Meuron.
The bank’s press office postponed a request on Monday. Now, this morning, the news is stamped on the front page of the NZZ.
It is a listed flagship building in the city of Zurich. According to NZZ, a major renovation and renovation phase would come to an end with the renovation beginning next fall.
CS, UBS and ZKB had rebuilt their main properties on the banking and commercial mile so that consumption was possible below and banking business above.
More returns, less banking: that’s the motto. Almost no customers come anyway, and the banks are in economy mode.
But there is enough money for luxury temples. UBS stands out as a special creso.
The square’s number 1 recently transformed its headquarters at Bahnhofstrasse 45 into a marble and granite palace for more than 200 million, with expensive art, heavy carpets and fine wood:
So it should be a building for eternity on Paradeplatz.
None other than one person the Basel team of star architects was commissioned by the heads of the banks to make noise instead of spilling. UBS extends a blanket of silence on construction costs. No comment, says on request.
One can again assume 200 million – at the very least. A building in such a central location, under the protection of a monument: that goes to the money.
The renovation plans are good news for the public. When the property is expected to have a new look in 2024, there will be an open area below for the public, with shops and catering.
The bankers become invisible and end up on the upper floors. You receive more and more clients by appointment.
If you take Paradeplatz and Bahnhofstrasse together, UBS raises around € 500 million from the two conversions. The management benefits the most: you can create a monument with the two magnificent houses.
For ordinary employees, the matter is less valuable. Employees end up in Europaallee along the tracks or in Zurich-Altstetten, where UBS has its back office.
Also beautiful, with lots of glass and steel, but mostly functional. For the crew in the engine room, it means: keep saving.
