Credit Suisse is selling one of the last pieces of prime Zurich real estate it owns, finews.com has learned. The historical building harbors the Swiss bank's retired top executives.
The Swiss bank is inviting bidders for Uraniastrasse 10, a four-story historical building it owns off Bahnhofstrasse, Zurich’s exclusive main shopping and banking thoroughfare, a source familiar with the matter told finews.com.
The planned sale rounds out a series of big Zurich real estate disposals for Credit Suisse: it sold the neo-baroque Metropol to Switzerland's central bank in 2012; the Griederhaus shopping center across from its Paradeplatz headquarters to watchmaker Swatch; and art nouveau-style Leuenhof (pictured below) to an investment fund (Pictet will move into the Leuenhof, across from archrival Julius Baer, next year).
Old-Timers Quarters
The Uraniastrasse site is best known as the so-called Stoeckli, where Credit Suisse top managers are invited to maintain offices – and secretaries and other support services – following their retirement. Ex-CEO Oswald Gruebel attempted to put the kibosh on the tradition, introduced by honorary Credit Suisse Chairman Rainer E. Gut. Gruebel, who ran Credit Suisse from 2004 until 2007, only partly succeeded.
Ex-Clariden Leu boss Hans Nuetzi maintained a Stoeckli office for a time after he was ousted in 2011 (the private bank was folded into Credit Suisse shortly after). UBS’ operating chief Sabine Keller-Busse also worked from the Uraniastrasse location – because she ran Credit Suisse’s private client division in Zurich until 2010.
Streak of Property Sales
The 4,800-square-meter space is largely occupied by Credit Suisse, which maintains a branch and offices there. The bank will keep a ten-year lease on the property following a sale, according to the prospectus seen by finews.com. A spokesman for the Swiss bank confirmed it is looking to sell the building, and said it plans to maintain a branch as well as the office space it occupies on the upper floors, and staff.
