1540 Broadway

Office skyscraper in Manhattan, New York April 2023 April 2023 1540 Broadway Bertelsmann Building 1540_Broadway_(55284019625).jpg 250px The glass facade of the building as seen from Broadway. In the center, is the building's prow, which protrudes from the facade. Manhattan, New York, U.S. 1988 yes 40 45 29 N 73 59 06 W region:US-NY inline,title 1990 1993 Office 733 ft m 616 ft m 564 ft m 44 1,100,000 ft2 m2 David Childs of Skidmore, Owings and Merrill Ian Bruce Eichner HSBCEdge Funds Edge Funds 1540 Broadway, formerly the Bertelsmann Building, is a 44-story office building on Times Square in the Theater District neighborhood of Manhattan in New York City. Designed by David Childs of Skidmore, Owings & Merrill (SOM), the building was developed by Broadway State Partners, a joint venture between Bruce Eichner and VMS Development. 1540 Broadway occupies a site bounded by Broadway to the west, 45th Street to the south, and 46th Street to the north. It was originally named for its anchor tenant, German media company Bertelsmann. The building is divided into two ownership units: HSBC and Edge Funds Advisors own the office stories, while Vornado Realty Trust owns retail space at the base. 1540 Broadway consists of a low base, as well as a tower section measuring 733 ft to its spire. An outwardly projecting "prow" extends from the western side of the building. The facade is designed with large signs at the base, with a main office entrance on 45th Street. The upper stories contain a facade of blue and green glass with vertical aluminum mullions. There is a public passageway and about 150000 ft2 of retail space at the base; the retail space was originally supposed to be part of a five-story shopping mall that was never opened. The basement formerly contained a four-screen movie theater, while the upper stories contain 860000 ft2 of offices. Broadway State Partners had developed 1540 Broadway on the site of Loew's State Theatre and several other buildings. Helmut Jahn initially proposed a mixed-use office, hotel, and commercial building on the site, though Childs subsequently drew up plans for an office building with retail at its base. Work started in 1988 and the building was completed in 1990, but it was completely empty for the next three years. Bertelsmann bought the building out of bankruptcy in 1992 and moved its headquarters there, opening several retail stores in the late 1990s. The Paramount Group bought the building in 2004, reselling the offices two years later to Equity Office Properties and the stores to Vornado. The offices were subsequently resold to Harry B. Macklowe in 2007, Deutsche Bank in 2008, and CBRE Group in 2009; HSBC and Edge acquired the offices in a two-part sale in 2010 and 2011. Site 1540 Broadway is on the east side of Broadway, along Times Square between 45th Street (George Abbott Way) to the south and 46th Street to the north, in the Midtown Manhattan neighborhood of New York City, New York, U.S.298Adler 1993 10–11 . The irregularly shaped land lot covers 38,700 ft2 m2, with a frontage of 180 ft on Broadway and a depth of 186.06 ft 0. The building wraps around another structure at the northwest corner, and the section of the building on 46th Street extends further east than the portion on 45th Street.1538 Broadway, 10036 https://zola.planning.nyc.gov/l/lot/1/998/7501 live https://web.archive.org/web/20220210152355/https://zola.planning.nyc.gov/l/lot/1/998/7501 February 10, 2022 March 25, 2021 New York City Department of City Planning The northern end of the building faces Duffy Square. The surrounding area is part of Manhattan's Theater District and contains many Broadway theaters. On the same block are the Lyceum Theatre, the Jacqueline Kennedy Onassis High School for International Careers, and Americas Tower to the east. Other nearby buildings include the Hotel Edison and Lunt-Fontanne Theatre to the northwest; TSX Broadway, the Palace and Embassy Theatres, and the I. Miller Building to the north; 1530 Broadway, the Hudson Theatre, and the Millennium Times Square New York hotel to the south; One Astor Plaza to the southwest; and the New York Marriott Marquis hotel to the west. The site formerly contained Loew's State Theatre, built in 1921 at the address 1540 Broadway.Gottlieb Martin November 1, 1986 Surge of Times Sq. Projects Raises Questions on Effects en-US The New York Times https://www.nytimes.com/1986/11/01/nyregion/surge-of-times-sq-projects-raises-questions-on-effects.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210171139/https://www.nytimes.com/1986/11/01/nyregion/surge-of-times-sq-projects-raises-questions-on-effects.html liveHenry John February 22, 1986 Loews State is sold 4 New York Daily News 2692-1251 newspapers.com https://www.newspapers.com/clip/94650266/loews-state-is-soldjohn-henry/ February 10, 2022 February 10, 2022 https://web.archive.org/web/20220210171136/https://www.newspapers.com/clip/94650266/loews-state-is-soldjohn-henry/ live Loew's State Theatre had been housed within a 17-story office building prior to its demolition in 1987.Stern Fishman Tilove 2006 . 660 The old theater's design had complemented that of the Lyceum Theatre, a Broadway theater, immediately to the east.Goldberger Paul October 25, 1987 Architecture View; For Times Square, Light at the Mouth Of the Tunnel en-US The New York Times https://www.nytimes.com/1987/10/25/arts/architecture-view-for-times-square-light-at-the-mouth-of-the-tunnel.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210152353/https://www.nytimes.com/1987/10/25/arts/architecture-view-for-times-square-light-at-the-mouth-of-the-tunnel.html live The site had also contained several smaller buildings, including a United Service Organizations (USO) recruitment center.Ravo Nick December 20, 1986 Two Times Square Stalwarts Make Way for New Buildings; U.S.O. Center Facing Eviction After Decades as Beacon to Soldiers en-US The New York Times https://www.nytimes.com/1986/12/20/nyregion/two-times-square-stalwartsmake-way-for-new-buildings-uso-center-facing-eviction.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210171137/https://www.nytimes.com/1986/12/20/nyregion/two-times-square-stalwartsmake-way-for-new-buildings-uso-center-facing-eviction.html live Architecture 1540 Broadway was designed by Skidmore, Owings & Merrill (SOM),1540 Broadway https://www.emporis.com/buildings/114500/1540-broadway-new-york-city-ny-usa January 1, 2021 Emporis September 29, 2007 https://web.archive.org/web/20070929155716/http://www.emporis.com/en/wm/bu/?id=bertelsmannbuilding-newyorkcity-ny-usa usurped with David Childs of SOM as the project's partner-in-charge.Bumiller Elisabeth June 1, 1999 Drawing Plans for Tomorrow's Landmarks en-US The New York Times https://www.nytimes.com/1999/06/01/nyregion/drawing-plans-for-tomorrow-s-landmarks.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211170530/https://www.nytimes.com/1999/06/01/nyregion/drawing-plans-for-tomorrow-s-landmarks.html liveStern Fishman Tilove 2006 . 661 It was developed by Bruce Eichner of Eichner Properties in collaboration with Chicago-based firm VMS Development. The building has 42 stories and four basements. It measures 733 ft 0 to its spire.August 24, 2020 1540 Broadway - The Skyscraper Center https://www.skyscrapercenter.com/building/1540-broadway/1209 February 10, 2022 Council on Tall Buildings and Urban Habitat June 12, 2020 https://web.archive.org/web/20200612202203/https://www.skyscrapercenter.com/building/1540-broadway/1209 live The top floor is 564 ft 0 high, while the roof is 578 ft 0 high. German entertainment conglomerate Bertelsmann originally occupied most of the space. Form and facade thumb|View of 1540 Broadway from ground level, with the spire at left and the glass facade at right 1540 Broadway's base measures either 60 ft or 62 ft tall.Stern Fishman Tilove 2006 . 662 above which are multiple setbacks. The building's massing contains a prow-shaped projection on its western end, facing Broadway. Though this prow was initially planned as a sign across a small section of the building, it ultimately was installed along the building's full height. The concept for a prow-shaped sign was then changed to a skeletal metal framework, then to usable office space. At the top of the prow is a metal spire with a frame,Monacelli Press 2009 104 .Kennedy Shawn July 12, 1989 Real Estate; A Mixed-Use Project for Times Square en-US The New York Times https://www.nytimes.com/1989/07/12/business/real-estate-a-mixed-use-project-for-times-square.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210191633/https://www.nytimes.com/1989/07/12/business/real-estate-a-mixed-use-project-for-times-square.html live which extends 100 ft or 157 ft high.Stichweh Dirk New York Skyscrapers Prestel Publishing 2016 978-3-7913-8226-5 923852487 175 The spire was influenced by deconstructivist motifs, which led Childs to remark, "We've pinned the bow tie!", a reference to the building's location near the center of the bowtie-shaped Times Square.Adler 1993 91 . The skeletal frame's design also evoked the framework of the large billboards on Times Square. The building's facade was originally planned to contain 16000 ft2 of electronic signs, consisting of 12000 ft2 of three-dimensional signs and 4000 ft2 of flat signs.Oser Alan S. February 21, 1988 Perspectives: Times Square; A Major Mall in a Broadway Building en-US The New York Times https://www.nytimes.com/1988/02/21/realestate/perspectives-times-square-a-major-mall-in-a-broadway-building.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210191632/https://www.nytimes.com/1988/02/21/realestate/perspectives-times-square-a-major-mall-in-a-broadway-building.html live As built, the base of the building contained 13000 ft2 of signage, as well as a 25 ft -high mid electronic sign at the middle of the atrium. When the building opened, it had a 34 by 65 ft on Qlinn display on one of its setbacks; the display included 84,000 rotating cubes with red, green, white, and blue faces.Dunlap David W. June 2, 1991 Commercial Property: Times Square Signs; Things That Go Blink in the Night en-US The New York Times https://www.nytimes.com/1991/06/02/realestate/commercial-property-times-square-signs-things-that-go-blink-in-the-night.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210211322/https://www.nytimes.com/1991/06/02/realestate/commercial-property-times-square-signs-things-that-go-blink-in-the-night.html live Early plans for the building had called for a large clock to be mounted on the base.McCain Mark April 9, 1989 Commercial Property: Times Sq. Signage; A Mandated Comeback for the Great White en-US The New York Times https://www.nytimes.com/1989/04/09/realestate/commercial-property-times-sq-signage-a-mandated-comeback-for-the-great-white.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210171135/https://www.nytimes.com/1989/04/09/realestate/commercial-property-times-sq-signage-a-mandated-comeback-for-the-great-white.html live In 2013, a LED sign measuring 41 by 72 ft was mounted on the building.Kleege Stephen January 14, 2013 Times Sq. property's new vertical 29 2 19 1272345928 Crain's New York Business The main entrance to the upper-story offices and the building's ground-floor pedestrian arcade is on 45th Street, where a silver canopy spans three bays. The westernmost bay leads to the pedestrian arcade, while the center bay leads to the office lobby.Kayden Jerold S. April 1, 2016 1548 Broadway https://apops.mas.org/pops/m050100/ February 10, 2022 Privately Owned Public Space (APOPS) February 10, 2022 https://web.archive.org/web/20220210152355/https://apops.mas.org/pops/m050100/ live The top of the main entrance is aligned with the cornice of the neighboring Lyceum Theatre. Originally, there was a large entrance on Broadway for a shopping mall. According to Childs, the building's upper stories were intended to appear "bright and brassy" from Broadway, while the 45th and 46th Street facades were intended to give a more muted, corporate appearance. The facade is primarily made of glass with vertical aluminum mullions.Nash Eric Manhattan Skyscrapers Princeton Architectural Press 2005 978-1-56898-652-4 New York 159 407907000 The tower section's primary facade is made of blue glass, containing mullions that are flush with the surface of the facade.Grant Peter April 3, 1989 Contrary Designs Face Off on W. Side 5 14 15 219129382 Crain's New York Business On 46th Street, the tower is largely faced in green glass, with silver mullions and horizontal white spandrels. The green-glass section on 46th Street rises 25 stories before setting back into the main blue-glass section. The blue-glass facade also contains several rectangular sections of green-glass cladding, which are recessed within the main blue-glass wall.Monacelli Press 2009 105 . Features Base thumb|Office lobby entrance|alt=Entrance to the office lobby, with a transom window above the doors and a steel canopy in front of the doorway A pedestrian arcade between 46th and 45th Streets is included in 1540 Broadway's base. It was built as a "through-block connection" under the Special Midtown District, created in 1982.Stern Fishman Tilove 2006 . 625 The passageway is 100 ft east of Broadway and has 3012 ft2 of floor area. The arcade contains display cases and storefronts on the western wall, while its northern end is outdoors and under a canopy. The arcade is directly across from the Millennium Times Square's passageway to the south. Next to the arcade is the office lobby, decorated in green and gray marble. When Bertelsmann owned the building, the lobby contained a 9 ft m -high mid etched-glass triptych of Elvis Presley, a copy of a larger triptych that Bertelsmann subsidiary RCA Records had donated to Presley's Graceland mansion.Pener Degen April 4, 1993 Egos & Ids; Sightings Of the King, Etched in Glass en-US The New York Times https://www.nytimes.com/1993/04/04/style/egos-ids-sightings-of-the-king-etched-in-glass.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211151924/https://www.nytimes.com/1993/04/04/style/egos-ids-sightings-of-the-king-etched-in-glass.html live BNK Architects also designed a multimedia display for Bertelsmann in the lobby.Carvajal Doreen May 15, 2001 Ailey Building Is Designed By Relative Of Board Chief en-US The New York Times https://www.nytimes.com/2001/05/15/arts/ailey-building-is-designed-by-relative-of-board-chief.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211191355/https://www.nytimes.com/2001/05/15/arts/ailey-building-is-designed-by-relative-of-board-chief.html live The base contained a retail atrium covering 150,000 ft2, including 65000 ft2 of storefronts. The space connected to the through-block pedestrian passageway. The space was originally planned as a six-level mall, which never opened due to financial shortfalls.Christman Ed May 4, 1996 Million-dollar Times Square gamble by Virgin Megastore 108 18 54 227081477 The Billboard 2638-3853 Had the mall opened as intended, there would have been as many as 50 stores, including a 12000 ft2 on Musicland store.Christman Ed October 8, 1994 Retail: Virgin Ready To Invade New York 106 41 69, 73 1506054207 The Billboard 2638-3853 There would have been restaurants on the two highest levels, as well as boutiques and shops on the three levels beneath. The interior of the mall would have contained a semicircular wall with an electronic sign measuring 120 ft wide and 90 ft high.Dunlap David W. February 24, 1989 Mall to Evoke Memories of Times Sq. en-US The New York Times https://www.nytimes.com/1989/02/24/nyregion/mall-to-evoke-memories-of-times-sq.html February 10, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211152631/https://www.nytimes.com/1989/02/24/nyregion/mall-to-evoke-memories-of-times-sq.html liveMarch 1, 1989 Live Entertainment & Music: $10-mil retail, entertainment center to bow in Times Sq. in '90 334 6 69 1438527699 Variety 0042-2738 In the basement was to be a parking lot, as well as a movie theater.Monacelli Press 2009 106 . The shopping mall was designed with deconstructive motifs as well. These included square pillars, which changed to round columns on upper levels; escalators with glass panels, showing the interior machinery; and a kiosk that appeared as a stainless-steel core from some angles. The retail space was ultimately occupied by a 75000 ft2 on Virgin Megastore from 1996 to 2009.Lueck Thomas J. April 24, 1996 Times Square Heralds Megastore en-US The New York Times https://www.nytimes.com/1996/04/24/nyregion/times-square-heralds-megastore.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211013941/https://www.nytimes.com/1996/04/24/nyregion/times-square-heralds-megastore.html liveApril 16, 1996 Times Square gets huge record store https://www.upi.com/Archives/1996/04/16/Times-Square-gets-huge-record-store/7452829627200/ February 11, 2022 UPI February 11, 2022 https://web.archive.org/web/20220211013938/https://www.upi.com/Archives/1996/04/16/Times-Square-gets-huge-record-store/7452829627200/ live designed by Bibliowicz Nelligan Kriegel.Sep 1996 Mega Projects https://usmodernist.org/AIANY/AIANY-1996-09.pdf 59 3 Oculus 1 February 12, 2022 August 4, 2020 https://web.archive.org/web/20200804223010/https://usmodernist.org/AIANY/AIANY-1996-09.pdf live The store occupied four levels,Dunlap David W. September 22, 1994 A Disk Store, Not Compact, And More for Times Square en-US The New York Times https://www.nytimes.com/1994/09/22/nyregion/a-disk-store-not-compact-and-more-for-times-square.html February 11, 2022 0362-4331 February 12, 2022 https://web.archive.org/web/20220212014345/https://www.nytimes.com/1994/09/22/nyregion/a-disk-store-not-compact-and-more-for-times-square.html live with a book department in the second basement; jazz and classical departments in the first basement; rock, R&B, and Virgin merchandise on the first floor; and a cafe on the mezzanine. A Virgin Atlantic airline ticket booth abutted the store.Deutsch Claudia H. January 21, 1996 Commercial Property/Moving On Up;Companies Giving Up Storefronts for Office Space en-US The New York Times https://www.nytimes.com/1996/01/21/realestate/commercial-property-moving-up-companies-giving-up-storefronts-for-office-space.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211170525/https://www.nytimes.com/1996/01/21/realestate/commercial-property-moving-up-companies-giving-up-storefronts-for-office-space.html live Another 35000 ft2 on the first, second, and third floors were taken up by the Official All Star Café, which had 650 seats plus a 250-seat bar; the restaurant served "arena food".Fabricant Florence September 21, 1994 Off the Menu en-US The New York Times https://www.nytimes.com/1994/09/21/garden/off-the-menu.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211151927/https://www.nytimes.com/1994/09/21/garden/off-the-menu.html live The basement movie theater, operated by Sony Loews from 1996 to 2006, had four screensOser Alan S. January 29, 1989 Perspectives: Midtown Development; No Man's Land Breached on 45th Street en-US The New York Times https://www.nytimes.com/1989/01/29/realestate/perspectives-midtown-development-no-man-s-land-breached-on-45th-street.html February 10, 2022 0362-4331 October 25, 2021 https://web.archive.org/web/20211025180555/https://www.nytimes.com/1989/01/29/realestate/perspectives-midtown-development-no-man-s-land-breached-on-45th-street.html live and could fit 1,400 people. A 20000 ft2 on Disney Store opened within the former Virgin Megastore space in 2010,November 9, 2010 Disney Store Opens In Times Square https://newyork.cbslocal.com/2010/11/09/disney-store-opens-in-times-square/ February 11, 2022 CBS New York February 12, 2022 https://web.archive.org/web/20220212004629/https://newyork.cbslocal.com/2010/11/09/disney-store-opens-in-times-square/ liveEdelson Sharon November 5, 2010 Not A Small World: Disney Goes Big In Times Square 200 Women's Wear Daily 96 788030058 along with a 90000 ft2 on Forever 21 spanning four levels.Edelson Sharon June 24, 2010 Forever 21's Big Footprint In Times Square 199 Women's Wear Daily 132 613382801Holmes Elizabeth June 24, 2010 Forever 21 Pursues Big-Store Branding en-US The Wall Street Journal https://www.wsj.com/articles/SB10001424052748704629804575325121769810944 February 12, 2022 0099-9660 February 12, 2022 https://web.archive.org/web/20220212013727/https://www.wsj.com/articles/SB10001424052748704629804575325121769810944 live The tenants in the retail space 2022 y include Disney, Forever 21, and Sunglass Hut.March 13, 2019 1540 Broadway https://therealdeal.com/new-research/topics/property/1540-broadway/ February 11, 2022 TRD Research | Published by The Real Deal February 11, 2022 https://web.archive.org/web/20220211040444/https://therealdeal.com/new-research/topics/property/1540-broadway/ live Offices The building was also planned with 850,000 ft2 of office space. The lower stories are designed with floor areas of 26500 ft2 each, while the tower floors are as small as 17500 ft2. Swanke Hayden Connell Architects designed the interiors of the Bertelsmann offices.Nov 1992 On the Boards https://usmodernist.org/AIANY/AIANY-1992-11.pdf 55 3 Oculus 2 February 12, 2022 August 5, 2020 https://web.archive.org/web/20200805105249/https://usmodernist.org/AIANY/AIANY-1992-11.pdf live Each of Bertelsmann's musical divisions was situated on a floor with a design ranging "from hip to sedate".McDonnell Sharon April 22, 1996 Becoming a landlord 12 17 21 219128918 Crain's New York Business The distance between each story's floor slab is 13 ft. Additionally, space on two floors was set aside as an "incubator" for foreign companies wishing to start up in New York City. In 2009, then-owner CBRE Group converted the eighth floor into a tenant amenity space with a conference center, concierge, catering, and fitness room.Murtha Kerry March 14, 2011 Reborn buildings drawing crowds 27 11 13 859386700 Crain's New York Business The amenity floor is hidden behind some of the exterior trusses and signs on Times Square.February 10, 2022 1540 Broadway Shared Amenity Floor - Projects https://www.gensler.com/projects/1540-broadway-shared-amenity-floor February 12, 2022 Gensler February 12, 2022 https://web.archive.org/web/20220212013729/https://www.gensler.com/projects/1540-broadway-shared-amenity-floor live Further improvements were made to the amenity floor in 2019, when Gensler remodeled it. The renovated amenity floor includes a fitness center, barista, small food hall, tenant lounge, and three meeting rooms. The amenity floor is called Stage 8 and contains design motifs and a color scheme that are intended to recall the Broadway theaters nearby. History Times Square's Theater District had evolved into a business district after World War II.441 1960 Nonetheless, there were relatively few large developments there in the mid-20th century. Between 1958 and 1983, only twelve buildings with at least 100000 ft2 of space were developed in the 114-block area between Sixth Avenue, Times Square, Eighth Avenue, and Columbus Circle.Gottlieb Martin December 4, 1983 Developers Looking West of Sixth Avenue en-US The New York Times https://www.nytimes.com/1983/12/04/realestate/developers-looking-west-of-sixth-avenue.html February 10, 2022 0362-4331 August 19, 2021 https://web.archive.org/web/20210819224129/https://www.nytimes.com/1983/12/04/realestate/developers-looking-west-of-sixth-avenue.html live 1540 Broadway was proposed in the 1980s, when there was high demand for office space in New York City. At the time, Bruce Eichner had gained experience developing brownstone residences, condominium apartments, and the mixed-use CitySpire skyscraper.Deutsch Claudia H. May 2, 1993 Waiting for Act 2 Around Times Square en-US The New York Times https://www.nytimes.com/1993/05/02/realestate/waiting-for-act-2-around-times-square.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211013938/https://www.nytimes.com/1993/05/02/realestate/waiting-for-act-2-around-times-square.html live 1540 Broadway itself was constructed by Broadway State Partners, a joint venture between Eichner and VMS Development, which was formed specifically to develop that building.Adler 1993 8 . Development Planning Initially, the partnership wanted to build a hotel.Adler 1993 9 . By January 1986, Broadway State Partners was acquiring land on the east side of Broadway between 45th and 46th Streets for a retail and office tower. Eichner said, "We are going to have the most innovative, most attractive, most interesting-looking building on Broadway."Lyons Richard D. January 5, 1986 Making Great White Way Great Again en-US The New York Times https://www.nytimes.com/1986/01/05/realestate/making-great-white-way-great-again.html February 10, 2022 0362-4331 May 24, 2015 https://web.archive.org/web/20150524183834/http://www.nytimes.com/1986/01/05/realestate/making-great-white-way-great-again.html live The next month, Eichner acquired Loew's State, with plans to build a mixed-use complex on the site. The process involved buying out the theater's 45 tenants, some of which held long-term leases. To acquire four additional plots at the center of the block, Eichner had to find the identities of every person who had held title to these properties since 1870. In December 1986, the United States government informed Eichner and VMS that it could not relocate the USO recruitment center on the site within the 90-day period given in their eviction notice. However, the USO was able to find a temporary space within two months.Dunlap David W. August 26, 1987 Times Sq. Still Home For U.S.O. en-US The New York Times https://www.nytimes.com/1987/08/26/nyregion/times-sq-still-home-for-uso.html February 10, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211152624/https://www.nytimes.com/1987/08/26/nyregion/times-sq-still-home-for-uso.html live By the next year, Eichner and VMS were negotiating with the final landowner on the site, who was hesitant to sell.McCain Mark May 10, 1987 Racing the Clock In West Midtown en-US The New York Times https://www.nytimes.com/1987/05/10/realestate/racing-the-clock-in-west-midtown.html February 10, 2022 0362-4331 November 11, 2017 https://web.archive.org/web/20171111014018/http://www.nytimes.com/1987/05/10/realestate/racing-the-clock-in-west-midtown.html live The acquisition process took over a year.thumb|Seen from next to the Lyceum Theatre|alt=The dark-blue and light-blue patterned glass facade of the building, as seen from 45th Street. The Lyceum Theatre, a short stone building with ornate decoration, is next to 1540 Broadway. The building was known during early planning as the Broadway State Building.Dunlap David W. July 6, 1988 From Dust of Demolition, a New Times Square Rises en-US The New York Times https://www.nytimes.com/1988/07/06/nyregion/from-dust-of-demolition-a-new-times-square-rises.html February 10, 2022 0362-4331 November 7, 2021 https://web.archive.org/web/20211107231444/https://www.nytimes.com/1988/07/06/nyregion/from-dust-of-demolition-a-new-times-square-rises.html live It was a speculative development, as it had not been built with a commitment from a specific office tenant.McCain Mark March 19, 1989 Commercial Property: Times Square Center; Is the West Side Getting Too Much Office Space? en-US The New York Times https://www.nytimes.com/1989/03/19/realestate/commercial-property-times-square-center-west-side-getting-too-much-office-space.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210191635/https://www.nytimes.com/1989/03/19/realestate/commercial-property-times-square-center-west-side-getting-too-much-office-space.html liveSelvin Barbara November 30, 1989 Move the West Side Hwy? Civic Groups Float Plans for Trump City 69 Newsday 2574-5298 newspapers.com https://www.newspapers.com/clip/94664124/move-the-west-side-hwy-civic-groups/ February 10, 2022 February 10, 2022 https://web.archive.org/web/20220210191634/https://www.newspapers.com/clip/94664124/move-the-west-side-hwy-civic-groups/ live Initially, Helmut Jahn (who had designed CitySpire for EichnerStern Fishman Tilove 2006 . 632) would have designed 1540 Broadway.Goldberger Paul January 30, 1987 An Appraisal; New Times Sq. Zoning: Skyscrapers With Signs en-US The New York Times https://www.nytimes.com/1987/01/30/nyregion/an-appraisal-new-times-sq-zoning-skyscrapers-with-signs.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210191630/https://www.nytimes.com/1987/01/30/nyregion/an-appraisal-new-times-sq-zoning-skyscrapers-with-signs.html live The development was to contain 58, 59,Gottlieb Martin November 1, 1986 Surge of Times Sq. Projects Raises Questions on Effects 1, 33 The New York Times 0362-4331 426351399 or 60 stories, with a retail atrium, a parking lot, a four-screen movie theater, office space, and 600 hotel rooms across 900000 ft2. The structure would cost $300 million.Ibata David February 9, 1987 Xerox Cash Will Help VMS Diversify 10 Chicago Tribune 1085-6706 newspapers.com https://www.newspapers.com/clip/94655879/ February 10, 2022 291006852 February 16, 2022 https://web.archive.org/web/20220216021118/https://www.newspapers.com/clip/94655879/xerox-cash-will-help-vms-diversify/ live It would be built without tax exemptions, despite being two blocks from the 42nd Street Redevelopment Project, where builders had believed new development was infeasible unless tax exemptions were provided.Meislin Richard J. August 10, 1987 Times Sq. Development: Boom of Private Projects en-US The New York Times https://www.nytimes.com/1987/08/10/nyregion/times-sq-development-boom-of-private-projects.html February 10, 2022 0362-4331 October 25, 2021 https://web.archive.org/web/20211025180604/https://www.nytimes.com/1987/08/10/nyregion/times-sq-development-boom-of-private-projects.html live To attain additional floor area,Kleinfield N. R. July 11, 1994 I.R.S. Ruling Wrote Script For the Shubert Tax Break en-US The New York Times https://www.nytimes.com/1994/07/11/us/irs-ruling-wrote-script-for-the-shubert-tax-break.html live November 4, 2021 https://web.archive.org/web/20211104172556/https://www.nytimes.com/1994/07/11/us/irs-ruling-wrote-script-for-the-shubert-tax-break.html November 4, 2021 0362-4331 Eichner leased 124000 ft2 of the Lyceum Theatre's unused air development rights from the Shubert Organization. 1540 Broadway's development involved several regulations and agreements. In exchange for selling the theater, Loews had agreed to operate the movie theaters in the new building, but Eichner said he likely would have included cinemas in the project regardless of that agreement. The cinemas would contain a combined 1,700 seats. They complied with a planning regulation, adopted in 1987, which required large new developments in Times Square to set aside about 5 percent of their space for "entertainment uses".Dunlap David W. September 3, 1987 New Rule for Times Sq. Space en-US The New York Times https://www.nytimes.com/1987/09/03/nyregion/new-rule-for-times-sq-space.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210171136/https://www.nytimes.com/1987/09/03/nyregion/new-rule-for-times-sq-space.html liveAny development under 60000 ft2 was exempt from the rule; for larger buildings, the first 50,000 ft2 of a development was exempt from the bonus calculation. For example, in a building with 500000 ft2, the bonus calculation was derived from 5 percent of 450000 ft2, so the space to be set aside for entertainment uses was 22500 ft2. To comply with regulations that required large signs on buildings along Times Square, the tower would also include 16000 ft2 of electronic signs. Construction By mid-1987, the Loews State Theatre was being demolished. By then, the tower was planned to be 44 stories tall, with SOM as architect.Dunlap David W. July 26, 1987 The Region; Broadway's Grand Cinemas Are Fading Away en-US The New York Times https://www.nytimes.com/1987/07/26/weekinreview/the-region-broadway-s-grand-cinemas-are-fading-away.html February 10, 2022 0362-4331 January 4, 2022 https://web.archive.org/web/20220104170752/https://www.nytimes.com/1987/07/26/weekinreview/the-region-broadway-s-grand-cinemas-are-fading-away.html live The hotel rooms were removed from the project; Eichner said that the nightly rates per room would have to be at least $200 in order to receive an adequate return on investment.Berkowitz Harry July 4, 1988 Manhattan's Poshest Hotels Are Competing in Extravagant Style 56, 57 Newsday 2574-5298 newspapers.com https://www.newspapers.com/clip/94663904/manhattans-poshest-hotels-are/ February 10, 2022 February 10, 2022 https://web.archive.org/web/20220210191631/https://www.newspapers.com/clip/94663904/manhattans-poshest-hotels-are/ liveLyons Richard D. April 10, 1988 Manhattan Hotel Construction Surges en-US The New York Times https://www.nytimes.com/1988/04/10/realestate/manhattan-hotel-construction-surges.html February 10, 2022 0362-4331 October 25, 2021 https://web.archive.org/web/20211025180430/https://www.nytimes.com/1988/04/10/realestate/manhattan-hotel-construction-surges.html live This change occurred after Eichner was advised that an office building would be cheaper and just as profitable than a mixed-use development. The foundation measured about 200 x 200 ft across and 60 ft deep; its construction took eight months and required excavating 50,000 ft3 of rock.Adler 1993 6 . The foundation was in place by February 1988, at which point the Hahn Company signed a lease to operate a shopping mall at the base of 1540 Broadway. The builders encountered several difficulties during construction. For example, the foundation work caused cracks on the exterior of the Lyceum Theatre, a New York City designated landmark that had to be shored up. Eichner also disagreed with his architects over the materials and design, as well as with the Hahn Company over a planned screen in the shopping mall.Dunlap David W. April 25, 1993 Debacle on Times Square en-US The New York Times https://www.nytimes.com/1993/04/25/books/debacle-on-times-square.html February 11, 2022 0362-4331 August 23, 2017 https://web.archive.org/web/20170823021942/http://www.nytimes.com/1993/04/25/books/debacle-on-times-square.html live A design for the shopping mall, known as Metropolis Times Square, was announced in 1989. The project was also renamed One Broadway Place, despite the fact that the building was several miles from One Broadway and was not on a street called Broadway Place.Lueck Thomas J. October 22, 1989 A Skyscraper-High Office Space Surplus en-US The New York Times https://www.nytimes.com/1989/10/22/realestate/a-skyscraper-high-office-space-surplus.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210191631/https://www.nytimes.com/1989/10/22/realestate/a-skyscraper-high-office-space-surplus.html liveDunlap David W. July 15, 1990 Addresses in Times Square Signal Prestige, if Not Logic en-US The New York Times https://www.nytimes.com/1990/07/15/nyregion/addresses-in-times-square-signal-prestige-if-not-logic.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210194600/https://www.nytimes.com/1990/07/15/nyregion/addresses-in-times-square-signal-prestige-if-not-logic.html live By then, vacancy rates in New York City office buildings were increasing. A representative of Eichner's firm anticipated that 1540 Broadway would open before the 42nd Street Redevelopment's four large towersNow 3 Times Square, 4 Times Square, 5 Times Square, and Times Square Tower were completed, potentially competing with Eichner's building. News America Corp. was among the companies that expressed interest in leasing space at the building, but it ultimately did not sign a lease.Tamarkin Roxanne August 17, 1989 The Ticker 81 New York Daily News 2692-1251 newspapers.com https://www.newspapers.com/clip/94663001/the-tickerroxanne-tamarkin/ February 10, 2022 February 10, 2022 https://web.archive.org/web/20220210191630/https://www.newspapers.com/clip/94663001/the-tickerroxanne-tamarkin/ live At the end of the year, Eichner still did not have any office tenants. He still expressed optimism, saying that Hahn was paying about as much for the retail space as an office tenant with 200000 ft2. Hahn was itself having trouble finding tenants for the shopping mall; after failing to convince Japanese music retailer The Wave to open a store there, it made an agreement with Musicland. 1990s Completion and insolvency thumb|The "prow" of the building along Broadway|alt=The "prow" of the building, as seen from Broadway. The prow is a trapezoidal glass structure that protrudes from the facade. There is a steel spire above it. When 1540 Broadway was completed in 1990, it carried the address 175 West 45th Street. The building's completion coincided with the beginning of the early 1990s recession, when 14.5 percent of Manhattan office space was vacant. Furthermore, some 9 e6ft2 m2 of office space in the western section of Midtown had been developed in the 1980s, of which only half had been leased.Stern Fishman Tilove 2006 . 663Lueck Thomas J. March 4, 1990 Battling for Tenants in a Slow Market en-US The New York Times https://www.nytimes.com/1990/03/04/realestate/battling-for-tenants-in-a-slow-market.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211013942/https://www.nytimes.com/1990/03/04/realestate/battling-for-tenants-in-a-slow-market.html live Consequently, 1540 Broadway was completely empty.236695270 Finance: real estate: the walls keep closing in on New York developers Light Larry Meehan John Bloomberg Businessweek 3167 July 2, 1990 72Dunlap David W. August 26, 1990 Commercial Property: Vacancy Rates; Black Monday's Fallout: An Emptiness Downtown en-US The New York Times https://www.nytimes.com/1990/08/26/realestate/commercial-property-vacancy-rates-black-monday-s-fallout-an-emptiness-downtown.html February 10, 2022 0362-4331 August 21, 2021 https://web.archive.org/web/20210821004118/https://www.nytimes.com/1990/08/26/realestate/commercial-property-vacancy-rates-black-monday-s-fallout-an-emptiness-downtown.html live This was despite the fact that Cushman & Wakefield was marketing the building with a base rent of 27 $/ft2 and free rent on the first four months of a lease.Reinbach Andrew August 28, 1990 Surplus Manhattan Office Space Means Trouble for Banks Series: 10 8 The American Banker 292929469 The mall also remained unopened in March 1990,Selvin Barbara March 9, 1990 Scruffy West 40s Now Dressing For Wreckers' Ball 7, 32 Newsday 2574-5298 newspapers.com https://www.newspapers.com/clip/94667171/scruffy-west-40s-now-dressing-for/ February 10, 2022 February 10, 2022 https://web.archive.org/web/20220210194601/https://www.newspapers.com/clip/94667171/scruffy-west-40s-now-dressing-for/ live even though it had been set to open at the beginning of that year. The building occupied a location directly on Times Square, making its emptiness prominent.Dunlap David W. July 28, 1991 Commercial Property: The Office Market; The Gloom Persists On Offices en-US The New York Times https://www.nytimes.com/1991/07/28/realestate/commercial-property-the-office-market-the-gloom-persists-on-offices.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210194601/https://www.nytimes.com/1991/07/28/realestate/commercial-property-the-office-market-the-gloom-persists-on-offices.html live The nearby 1585 Broadway and 750 Seventh Avenue, two skyscrapers completed around the same time, faced similar problems, but both were at least partially occupied. Newsday described the building as "one of the most prominent financial disasters in 1980s real estate speculation".November 23, 1993 Times Square Story 33 Newsday 2574-5298 newspapers.com https://www.newspapers.com/clip/94721615/times-square-story/ February 11, 2022 February 11, 2022 https://web.archive.org/web/20220211151930/https://www.newspapers.com/clip/94721615/times-square-story/ live Eichner's Broadway State Partners had incurred a deficit of $50 million, much of it related to acquisition costs.Oser Alan S. March 22, 1992 Perspectives: Bertelsmann on Broadway; A Buyer Takes a Stake in Times Square en-US The New York Times https://www.nytimes.com/1992/03/22/realestate/perspectives-bertelsmann-on-broadway-a-buyer-takes-a-stake-in-times-square.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210211322/https://www.nytimes.com/1992/03/22/realestate/perspectives-bertelsmann-on-broadway-a-buyer-takes-a-stake-in-times-square.html live Exacerbating the building's difficulties, its financial backer VMS was facing its own financing issues. A group led by Citicorp had given Eichner a $250 million mortgage loan,Barsky Neil August 23, 1991 Citicorp Talks To Bertelsmann Over Tower Sale --- German Firm Said to Make Very Low Bid as Bank Tries to Recover on Debt A2 The Wall Street Journal 0099-9660 398223852Lueck Thomas J. August 24, 1991 Sale of Midtown Office Tower May Be Bad Sign for Market en-US The New York Times https://www.nytimes.com/1991/08/24/nyregion/sale-of-midtown-office-tower-may-be-bad-sign-for-market.html February 10, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210211325/https://www.nytimes.com/1991/08/24/nyregion/sale-of-midtown-office-tower-may-be-bad-sign-for-market.html liveAlso cited as $280 million. but the mortgage would go into default if VMS pulled out. Though Citicorp was the main lender, it had syndicated three-fourths of the loan to 16 Japanese lenders. By August 1990, Eichner was attempting to renegotiate his mortgage, and about 25 percent of the space had been committed.Kim James August 8, 1990 Realty baron blues 01B USA TODAY 306346028 After the mortgage negotiations failed, the building went bankrupt, and Citicorp decided to sell the building in foreclosure. One developer had predicted that the building's cash flow would only cover half the project's cost.Kleege Stephen August 28, 1991 Citicorp Lines Up Investors For Big Troubled Properties Series: 2 8 The American Banker 293048672 Hahn withdrew from its commitment to operate the building's shopping mall in February 1991, citing the continuing delays.Wechsler Pat February 22, 1991 Times Square Retail Project Delayes 54 Newsday 2574-5298 newspapers.com https://www.newspapers.com/clip/94671611/times-square-retail-project-delayespat/ February 10, 2022 February 10, 2022 https://web.archive.org/web/20220210211323/https://www.newspapers.com/clip/94671611/times-square-retail-project-delayespat/ live By mid-1991, Bertelsmann was in negotiations to lease 250000 to 500000 ft2. The company occupied 666 Fifth Avenue, where it was forced to pay a relatively high 40 $/ft2 for the next nine years, and 1133 Avenue of the Americas, where the lease was only 17 $/ft2 and expired in three years. The company had negotiated to rent space at several buildings, but their landlords all balked at Bertelsmann's request to pay off the 666 Fifth lease. In July 1991, Eichner said he was negotiating with two tenants "that would commit to all or substantially all of the building". The next month, Citicorp identified a potential buyer: Bertelsmann, which had initially made a relatively low offer of $100 million,August 24, 1991 Scraping for dollars 26 New York Daily News 2692-1251 newspapers.com https://www.newspapers.com/clip/94671736/scraping-for-dollars/ February 10, 2022 February 10, 2022 https://web.archive.org/web/20220210211323/https://www.newspapers.com/clip/94671736/scraping-for-dollars/ live though Citicorp rejected this offer. An independent consultant for Citicorp subsequently recalled that the deal would have allowed Bertelsmann to buy only 1540 Broadway's office floors, leaving Citicorp with both the 666 Fifth lease and the empty 1540 Broadway retail section. Further complicating matters, Citigroup and all 16 Japanese lenders would have to agree on any deal involving the building's sale.Barsky Neil February 21, 1992 Bertelsmann Said to Plan to Buy Manhattan Site B4D The Wall Street Journal 0099-9660 398256713 As one publication wrote in late 1991: "A handwritten sign on a door—'Not in Use'—might serve as the building's epitaph."Milligan John W Picker Ida Dec 1991 The Collapse of Citibank's Credit Culture 25 14 53 221522051 Institutional Investor Bertelsmann purchase and retail thumb|1540 Broadway as seen at center, with the Actors Equity Building and 1552 Broadway at left and 4 Times Square at right|alt=View of 1540 Broadway from the northern end of Times Square. The Actors Equity Building and 1552 Broadway are at left and 4 Times Square are at right In March 1992, Bertelsmann agreed to pay $119 million for the building, less than half the value of the foreclosed mortgage, in exchange for $10 million in tax incentives and $1 million in deferred taxes.Bartlett Sarah March 4, 1992 Media Group Makes a Deal For Building en-US The New York Times https://www.nytimes.com/1992/03/04/nyregion/media-group-makes-a-deal-for-building.html February 10, 2022 0362-4331 December 17, 2019 https://web.archive.org/web/20191217211641/https://www.nytimes.com/1992/03/04/nyregion/media-group-makes-a-deal-for-building.html liveHenry David March 4, 1992 A New Player on Times Square 52, 55 Newsday 2574-5298 newspapers.com https://www.newspapers.com/clip/94674085/a-new-player-on-times-squaredavid-henry/ February 10, 2022 February 10, 2022 https://web.archive.org/web/20220210211322/https://www.newspapers.com/clip/94674085/a-new-player-on-times-squaredavid-henry/ liveKleege Stephen March 10, 1992 Sale of Times Square Tower Taken as a Sign of Renewal Series: 12 7 The American Banker 293024453 The sale involved the entire building, including the abandoned retail section. All the prior equity invested in the project was canceled out, representing a total loss of around $200 million.Kennedy Shawn G. April 25, 1994 New Tenants Around Times Square; Vacancies Drop as Businesses Find Space to Fit Their Needs en-US The New York Times https://www.nytimes.com/1994/04/25/nyregion/new-tenants-around-times-square-vacancies-drop-businesses-find-space-fit-their.html February 11, 2022 0362-4331 February 7, 2022 https://web.archive.org/web/20220207000510/https://www.nytimes.com/1994/04/25/nyregion/new-tenants-around-times-square-vacancies-drop-businesses-find-space-fit-their.html live Bertelsmann committed to keeping 1,750 workers in the building for 15 years, including 500 jobs that would have otherwise been relocated to Chicago.Lueck Thomas J. July 3, 1992 Glut of Office Space In New York Market Lessens Relocations en-US The New York Times https://www.nytimes.com/1992/07/03/nyregion/glut-of-office-space-in-new-york-market-lessens-relocations.html February 11, 2022 0362-4331 February 15, 2022 https://web.archive.org/web/20220215000020/https://www.nytimes.com/1992/07/03/nyregion/glut-of-office-space-in-new-york-market-lessens-relocations.html live The firm would occupy about two-thirds of the space and rent the remainder out. Douglas Durst, who owned one of Bertelsmann's former spaces in 1133 Avenue of the Americas, opposed the tax incentives and threatened to sue. The sale nonetheless spurred a revival of Times Square in the 1990s, which was hastened in 1993 when financial firm Morgan Stanley bought the nearby 1585 Broadway.Gelbtuch Howard February 19, 1996 The ground floor: The times they are a changin' in Times Square and early investors get bargains 76 8 48.1 200987811 Barron'sGrant Peter September 6, 1993 Times Square's time has come 9 36 11 219117979 Crain's New York Business Bertelsmann was one of several foreign firms that had bought large amounts of office space in New York City, where property values per square foot tended to be cheaper than in other large cities such as London, Paris, and Tokyo.Blaney Retta April 19, 1993 N.Y.'s a bargain, but foreigners still balk 9 16 44 219135630 Crain's New York Business Bertelsmann planned to conduct $50 million worth of improvements, including adding a 25000 ft2 onFeiden Douglas August 17, 1992 City Hasn't Hatched Planned Incubators 8 33 8 219118269 Crain's New York Business or 50000 ft2 on "incubator" for small foreign companies. By late 1992, the building was about to recover from the Chapter 11 bankruptcy proceeding brought against it.Grant Peter October 5, 1992 Civil War Over 1585 Broadway: Creditors Dispute Points in Solomon Restructuring Plan 8 40 1 219127197 Crain's New York Business The next year, Bertelsmann occupied all but 150000 ft2 of the office floors. 1540 Broadway, renamed the Bertelsmann Building, housed the U.S. locations of Bertelsmann's central offices, as well as the Bertelsmann Music Group and Bertelsmann Book Group (later Random House). The city government leased space on two stories for an incubator. Bertelsmann built production rooms within the building, but it did not add live-recording studios to replace the former Bertelsmann Music Group studios at 1133 Avenue of the Americas.Collins Glenn December 31, 1992 3 Sides in Negotiations To Save Recording Studio en-US The New York Times https://www.nytimes.com/1992/12/31/arts/3-sides-in-negotiations-to-save-recording-studio.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211021220/https://www.nytimes.com/1992/12/31/arts/3-sides-in-negotiations-to-save-recording-studio.html liveGoodman Peter December 9, 1992 A Heavy Blow to NY's Recording World 75, 78 Newsday 2574-5298 newspapers.com https://www.newspapers.com/clip/94695996/a-heavy-blow-to-nys-recording/ February 11, 2022 February 11, 2022 https://web.archive.org/web/20220211020534/https://www.newspapers.com/clip/94695996/a-heavy-blow-to-nys-recording/ live The company added two signs to the building, supplementing the signs that already existed; senior vice president Christopher Alpers said the signage was added "because it's lively and goes well with the entertainment industry we operate in".Dunlap David W. February 6, 1994 Signs Signal Both Profit and Controversy en-US The New York Times https://www.nytimes.com/1994/02/06/realestate/signs-signal-both-profit-and-controversy.html February 11, 2022 0362-4331 March 21, 2020 https://web.archive.org/web/20200321183635/https://www.nytimes.com/1994/02/06/realestate/signs-signal-both-profit-and-controversy.html live Although the retail space was empty a year after Bertelsmann purchased the building, the company planned to find "quality" tenants for the space, specifically excluding amusement arcades.August 12, 1992 'Fun' retail for 1540 Broadway. https://www.thefreelibrary.com/%27Fun%27+retail+for+1540+Broadway.-a012553265 February 11, 2022 Real Estate Weekly Free Online Library February 11, 2022 https://web.archive.org/web/20220211151926/https://www.thefreelibrary.com/%27Fun%27+retail+for+1540+Broadway.-a012553265 live Musicland, Tower Records, and HMV all declined to open a store at the Bertelsmann Building but former HMV executive Tony Hirsch brought Virgin Group as a tenant. By late 1993, Virgin and Blockbuster were negotiating to lease some space in the base. The next year, Bertelsmann announced that three tenants had been secured for the atrium: the Virgin Megastore, the Official All Star Café, and Loews successor Sony Theaters. GMO International was hired to build the retail spaces.Deutsch Claudia H. December 11, 1994 Commercial Property/The McGovern Family; This Time, Father and Son Get to Build on the Name en-US The New York Times https://www.nytimes.com/1994/12/11/realestate/commercial-property-mcgovern-family-this-time-father-son-get-build-name.html February 11, 2022 0362-4331 February 12, 2022 https://web.archive.org/web/20220212014342/https://www.nytimes.com/1994/12/11/realestate/commercial-property-mcgovern-family-this-time-father-son-get-build-name.html live The All Star Café opened in December 1995,Lueck Thomas J. December 31, 1995 Neighborhood Report: Looking Back, Looking Ahead;Brighter Lights and Brighter Promises Light Times Square en-US The New York Times https://www.nytimes.com/1995/12/31/nyregion/neighborhood-report-looking-back-looking-ahead-brighter-lights-brighter-promises.html February 11, 2022 0362-4331 February 12, 2022 https://web.archive.org/web/20220212014339/https://www.nytimes.com/1995/12/31/nyregion/neighborhood-report-looking-back-looking-ahead-brighter-lights-brighter-promises.html live and the Virgin megastore opened in April 1996, along with the Sony Theatres State 4 cinema the same month.April 26, 1996 Loews State 4 in New York, NY http://cinematreasures.org/theaters/4099 February 11, 2022 Cinema Treasures February 11, 2022 https://web.archive.org/web/20220211170519/http://cinematreasures.org/theaters/4099 live World Wrestling Entertainment had also attempted unsuccessfully to open a location within the Bertelsmann Building.Bagli Charles V. March 24, 1999 Muscles on the Half Shell on the Menu? en-US The New York Times https://www.nytimes.com/1999/03/24/nyregion/muscles-on-the-half-shell-on-the-menu.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211170521/https://www.nytimes.com/1999/03/24/nyregion/muscles-on-the-half-shell-on-the-menu.html live By 1997, the Bertelsmann Building was worth three times its original purchase price.Block Valerie May 25, 1998 Medium impact 14 21 1 219196936 Crain's New York Business Bertelsmann's Random House division was split between 1540 Broadway and another building on 50th Street.September 13, 1999 Bertelsmann picks site for new random HQ 246 37 12 197039897 Publishers WeeklyBlock Valerie September 28, 1998 Merged book publishers to bid on same authors 14 39 4 219192137 Crain's New York Business To consolidate Random House's space, Bertelsmann planned to erect a skyscraper across 45th Street, connected with the Bertelsmann Building via a neon-lighted bridge. Bertelsmann began negotiating with the site owner, Charles B. Moss Jr., but the negotiations failed in November 1998,Bagli Charles V. December 9, 1998 Deal for Largest Development Site in Times Sq. Falls Apart en-US The New York Times https://www.nytimes.com/1998/12/09/nyregion/deal-for-largest-development-site-in-times-sq-falls-apart.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211170527/https://www.nytimes.com/1998/12/09/nyregion/deal-for-largest-development-site-in-times-sq-falls-apart.html live and the Random House Tower was built ten blocks uptown.Bagli Charles V. February 4, 1999 55th Street Is Said to Be Site For a Random House Tower en-US The New York Times https://www.nytimes.com/1999/02/04/nyregion/55th-street-is-said-to-be-site-for-a-random-house-tower.html February 11, 2022 0362-4331 February 10, 2022 https://web.archive.org/web/20220210140810/https://www.nytimes.com/1999/02/04/nyregion/55th-street-is-said-to-be-site-for-a-random-house-tower.html live The All Star Café was struggling financially by 1999,Bagli Charles V. August 17, 1999 Soon in Times Square, a Place That the Blues Can Call Home en-US The New York Times https://www.nytimes.com/1999/08/17/nyregion/soon-in-times-square-a-place-that-the-blues-can-call-home.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211170523/https://www.nytimes.com/1999/08/17/nyregion/soon-in-times-square-a-place-that-the-blues-can-call-home.html live and the Sony theater also faced financial difficulties after the Loews 42nd Street E Walk opened that year. However, the building's Virgin Megastore was grossing millions of dollars in profit every week.Bagli Charles V. February 8, 1999 As Rents Soar, Boom Is Slowed in Times Square en-US The New York Times https://www.nytimes.com/1999/02/08/nyregion/as-rents-soar-boom-is-slowed-in-times-square.html February 11, 2022 0362-4331 September 4, 2021 https://web.archive.org/web/20210904010359/https://www.nytimes.com/1999/02/08/nyregion/as-rents-soar-boom-is-slowed-in-times-square.html live 2000s Electronic signs were installed on the Bertelsmann Building in 2001, replacing the original signs,Bagli Charles V. March 14, 2001 Empty Billboards Are a Sign of the Times en-US The New York Times https://www.nytimes.com/2001/03/14/nyregion/empty-billboards-are-a-sign-of-the-times.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211170519/https://www.nytimes.com/2001/03/14/nyregion/empty-billboards-are-a-sign-of-the-times.html live and the BMG studio in the building closed the same year.Walsh Christopher December 15, 2001 BMG, Sony, Zomba announce studio closings, staff cuts 113 50 3 227157544 The Billboard 2638-3853 Law firm Pillsbury Winthrop Shaw Pittman leased six floors in 2003,Holusha John May 21, 2003 Commercial Real Estate: Regional Market -- Manhattan; Some Best-Priced Space Isn't Even on the Market en-US The New York Times https://www.nytimes.com/2003/05/21/business/commercial-real-estate-regional-market-manhattan-some-best-priced-space-isn-t.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211191357/https://www.nytimes.com/2003/05/21/business/commercial-real-estate-regional-market-manhattan-some-best-priced-space-isn-t.html liveHerman Eric March 26, 2003 Houlihan's Menu Includes Lawsuit 38 New York Daily News 2692-1251 newspapers.com https://www.newspapers.com/clip/94733614/houlihans-menu-includes-lawsuiteric/ February 11, 2022 February 11, 2022 https://web.archive.org/web/20220211191353/https://www.newspapers.com/clip/94733614/houlihans-menu-includes-lawsuiteric/ live though it did not officially move in until the next year.May 2004 Pillsbury Winthrop Debuts on Broadway: New York Office Relocates 59 5 R12 216583113 Real Estate Forum Financial services company PricewaterhouseCoopers also expressed interest in occupying space within the building.Herman Eric June 11, 2003 Madison tower to lure new tenants 30 New York Daily News 2692-1251 newspapers.com https://www.newspapers.com/clip/94733043/madison-tower-to-lure-new-tenantseric/ February 11, 2022 February 11, 2022 https://web.archive.org/web/20220211191349/https://www.newspapers.com/clip/94733043/madison-tower-to-lure-new-tenantseric/ live A piece of sheet metal fell off the Bertelsmann Building in April 2003, injuring two pedestrians.Retsinas Greg April 27, 2003 2 Injured in Times Square by Falling Metal en-US The New York Times https://www.nytimes.com/2003/04/27/nyregion/2-injured-in-times-square-by-falling-metal.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211191348/https://www.nytimes.com/2003/04/27/nyregion/2-injured-in-times-square-by-falling-metal.html liveBurke Kerry Grace Melissa April 27, 2003 Metal Sheet Hits 2 in Times Sq. 2 New York Daily News 2692-1251 newspapers.com https://www.newspapers.com/clip/94733528/metal-sheet-hits-2-in-times-sq/ February 11, 2022 February 12, 2022 https://web.archive.org/web/20220212014347/https://www.newspapers.com/clip/94733528/metal-sheet-hits-2-in-times-sq/ live That June, Bertelsmann indicated that it would place the building for sale but that it would continue to occupy the space.Bertrand Benoit June 24, 2003 Bertelsmann to sell NY office 32 Financial Times 249494923Bagli Charles V. June 23, 2003 Bertelsmann Is Yielding Ground in Manhattan en-US The New York Times https://www.nytimes.com/2003/06/23/nyregion/bertelsmann-is-yielding-ground-in-manhattan.html February 11, 2022 0362-4331 February 12, 2022 https://web.archive.org/web/20220212014344/https://www.nytimes.com/2003/06/23/nyregion/bertelsmann-is-yielding-ground-in-manhattan.html live Bertelsmann sold the building in 2004 to the Paramount Group for $426.5 million, though Bertelsmann continued to occupy two-fifths of the building.Bagli Charles June 25, 2004 Metro Briefing | New York: Manhattan: Bertelsmann Building Sold en-US The New York Times https://www.nytimes.com/2004/06/25/nyregion/metro-briefing-new-york-manhattan-bertelsmann-building-sold.html February 11, 2022 0362-4331 November 22, 2021 https://web.archive.org/web/20211122171502/https://www.nytimes.com/2004/06/25/nyregion/metro-briefing-new-york-manhattan-bertelsmann-building-sold.html liveMay 19, 2005 Viacom digs in at 44-story Bertelsmann tower 48 Newsday Reuters 2574-5298 newspapers.com https://www.newspapers.com/clip/94734969/viacom-digs-in-at-44-story-bertelsmann/ February 11, 2022 February 11, 2022 https://web.archive.org/web/20220211191348/https://www.newspapers.com/clip/94734969/viacom-digs-in-at-44-story-bertelsmann/ live At the time, 1540 Broadway was 75 percent occupied. Viacom leased 305000 ft2 0 across ten floors in 2005.Holusha John May 18, 2005 Transactions en-US The New York Times https://www.nytimes.com/2005/05/18/business/transactions.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211192856/https://www.nytimes.com/2005/05/18/business/transactions.html live Sony's basement movie theater ultimately closed in early 2006,Gopal Prashant May 26, 2006 Vornado deal banking on Times Square retail B3 The Record newspapers.com https://www.newspapers.com/clip/94735923/vornado-deal-banking-on-times-square/ February 11, 2022 February 11, 2022 https://web.archive.org/web/20220211191351/https://www.newspapers.com/clip/94735923/vornado-deal-banking-on-times-square/ live and law firms Duane Morris, Whatley Drake & Kallas, and Hodgson Russ also leased several floors that year. In July 2006, Paramount sold the office section of 1540 Broadway to real estate investment trust Equity Office Properties for $525.1 million.Pristin Terry November 21, 2006 Record Sale Price Provides an 'I Told You So' Moment for Owner of Equity Office REIT en-US The New York Times https://www.nytimes.com/2006/11/21/realestate/record-sale-price-provides-an-i-told-you-so-moment-for-owner-of.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211191350/https://www.nytimes.com/2006/11/21/realestate/record-sale-price-provides-an-i-told-you-so-moment-for-owner-of.html live Vornado Realty Trust simultaneously bought the retail section, including the signs and the basement parking garage, for $260 million. By then, the stores were 60 percent occupied, with Virgin and Planet Hollywood occupying the retail space, while the offices were almost fully occupied. Toilet paper brand Charmin also leased one of the storefronts in 2006, installing twenty temporary public restrooms for the Times Square Ball drop. Charmin sponsored temporary restrooms again in 2007.Chan Sewell November 19, 2007 The Gift of Potties, the Latest in a Quest for Public Toilets https://cityroom.blogs.nytimes.com/2007/11/19/a-gift-of-potties-the-latest-in-a-quest-for-public-toilets/ February 11, 2022 City Room en-US April 18, 2021 https://web.archive.org/web/20210418061937/https://cityroom.blogs.nytimes.com/2007/11/19/a-gift-of-potties-the-latest-in-a-quest-for-public-toilets/ liveNassauer Sarah September 25, 2007 Travel Watch D2 The Wall Street Journal 0099-9660 399032002 Harry B. Macklowe bought 1540 Broadway's office portion in February 2007 as part of a $7 billion transaction involving six of Equity Office's other buildings.Pristin Terry February 21, 2007 He'll Take Manhattan (or Chunk of Midtown) en-US The New York Times https://www.nytimes.com/2007/02/21/realestate/commercial/21macklowe.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211191406/https://www.nytimes.com/2007/02/21/realestate/commercial/21macklowe.html live Macklowe valued the building at $925 million to $950 million.Marks Andrew May 4, 2009 Broadway tower's 22-year wild ride 25 18 18 219176665 Crain's New York BusinessFebruary 18, 2009 Plots & Ploys C8 The Wall Street Journal 0099-9660 399139956 He took out a $7.6 billion loan to fund the acquisitions, which was to come due within twelve months.Forsyth Jennifer S. September 22, 2007 Macklowes On a Wire en-US The Wall Street Journal https://www.wsj.com/articles/SB119041496907835832 July 19, 2021 0099-9660 July 21, 2021 https://web.archive.org/web/20210721055657/https://www.wsj.com/articles/SB119041496907835832 liveBagli Charles V. Pristin Terry January 6, 2008 Harry Macklowe's $6.4 Billion Bill en-US The New York Times https://www.nytimes.com/2008/01/06/business/06harry.html July 19, 2021 0362-4331 July 21, 2021 https://web.archive.org/web/20210721055720/https://www.nytimes.com/2008/01/06/business/06harry.html live Macklowe personally pledged $1 billion, as well as interests in twelve other properties, as a guarantee. By February 2008, the Macklowe Organization had no way to refinance the debt from the previous year.Bagli Charles V. February 16, 2008 Developer Holds Off Creditors, for Now en-US The New York Times https://www.nytimes.com/2008/02/16/nyregion/16macklowe.html July 19, 2021 0362-4331 July 19, 2021 https://web.archive.org/web/20210719053027/https://www.nytimes.com/2008/02/16/nyregion/16macklowe.html liveForsyth Jennifer S. February 16, 2008 Fortress Gives Macklowe Extension, Staying a Possible Loan Foreclosure en-US The Wall Street Journal https://www.wsj.com/articles/SB120312517290173183 July 19, 2021 0099-9660 July 19, 2021 https://web.archive.org/web/20210719162203/https://www.wsj.com/articles/SB120312517290173183 live As such, Macklowe surrendered 1540 Broadway to his lender, Deutsche Bank.Pristin Terry November 8, 2009 After Manhattan's office boom, a hard fall en-US The New York Times https://www.nytimes.com/2009/02/18/realestate/18iht-18value.20267427.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211191402/https://www.nytimes.com/2009/02/18/realestate/18iht-18value.20267427.html live Macklowe had acquired 1540 Broadway at 1000 $/ft2, but he was having trouble selling even at 400 to 450 $/ft2. While the building had been 84 percent occupied in 2007, the occupancy rate had dropped to 78 percent within two years, and Macklowe had only been able to sign three leases during that time. In 2009, CBRE bought 1540 Broadway's office section for $355 million,Marks Andrew November 30, 2009 Tough times in Times Square 25 48 12 219214821 Crain's New York BusinessPristin Terry April 22, 2009 Shakeout Nears for Real Estate Firms en-US The New York Times https://www.nytimes.com/2009/04/22/business/economy/22mall.html February 11, 2022 0362-4331 February 11, 2022 https://web.archive.org/web/20220211191404/https://www.nytimes.com/2009/04/22/business/economy/22mall.html live paying 392 $/ft2. CBRE converted the eighth floor into an amenity room, and it increased occupancy rates from 78 to 85 percent within a year. The Virgin Megastore at the base also closed in 2009.Christman Ed Times Square Virgin Megastore to close U.S. January 14, 2009 https://www.reuters.com/article/us-virgin-idUSTRE50D0O420090114 February 12, 2022 February 12, 2022 https://web.archive.org/web/20220212013936/https://www.reuters.com/article/us-virgin-idUSTRE50D0O420090114 liveVadukul Alex Virgin Megastore's Last Days: Farewell to NYC's Big Record Shop Rolling Stone June 12, 2009 https://www.rollingstone.com/music/music-news/virgin-megastores-last-days-farewell-to-nycs-big-record-shop-83707/ February 12, 2022 February 12, 2022 https://web.archive.org/web/20220212014339/https://www.rollingstone.com/music/music-news/virgin-megastores-last-days-farewell-to-nycs-big-record-shop-83707/ live 2010s to present thumb|Retail stores at the base|alt=Several retail stores at the ground level of 1540 Broadway, as seen from across Broadway. There is a convenience store, a Disney store, and a Forever 21 from left to right. Above are large billboards. A Disney Store opened within the former Virgin Megastore space in 2010,D'Innocenzio Anne November 9, 2010 Disney Store opens in Times Square https://archive.boston.com/business/articles/2010/11/09/disney_store_opens_in_times_square/ February 11, 2022 Boston.com February 12, 2022 https://web.archive.org/web/20220212004629/http://archive.boston.com/business/articles/2010/11/09/disney_store_opens_in_times_square/ live along with a Forever 21 store. The Forever 21 outlet alone was projected to draw 100,000 daily visitors, more than the Statue of Liberty.Schneiderman R. M. June 28, 2010 For Tourists, Statue of Liberty is Nice, but no Forever 21 en-US The Wall Street Journal https://www.wsj.com/articles/BL-METROB-5293 February 12, 2022 0099-9660 February 12, 2022 https://web.archive.org/web/20220212013729/https://www.wsj.com/articles/BL-METROB-5293 live Adobe Inc. and Xinhua News Agency both took office space the same year.Troianovski Anton Anton Troianovski June 30, 2010 China Agency Nears Times Square en The Wall Street Journal https://www.wsj.com/articles/SB10001424052748704334604575339281420753918 live February 12, 2022 https://web.archive.org/web/20171010123512/https://www.wsj.com/articles/SB10001424052748704334604575339281420753918 October 10, 2017 0099-9660 A joint venture of Edge Fund Advisors and HSBC Alternative Investments Ltd. bought a 49 percent stake in the Bertelsmann Building in late 2010, paying CBRE $254 million.Jones David November 9, 2010 CBRE sells off 49 percent stake in 1540 Bway - The Real Deal https://therealdeal.com/2010/11/09/cbre-sells-off-49-percent-stake-in-1540-bway/ February 10, 2022 The Real Deal New York en-US February 10, 2022 https://web.archive.org/web/20220210193134/https://therealdeal.com/2010/11/09/cbre-sells-off-49-percent-stake-in-1540-bway/ liveLanda Allison November 9, 2010 Edge, HAIL Invest $254.8M for 49 Percent Stake in 1540 Broadway https://www.commercialsearch.com/news/edge-hail-invest-254-8m-for-49-percent-stake-in-1540-broadway/ February 10, 2022 Commercial Property Executive February 10, 2022 https://web.archive.org/web/20220210191632/https://www.commercialsearch.com/news/edge-hail-invest-254-8m-for-49-percent-stake-in-1540-broadway/ live The next year, Edge and HSBC bought the remaining 51 percent ownership stake for $270 million.September 29, 2011 HSBC, D.C. firm buy out final 51% stake in Bertelsmann building - The Real Deal https://therealdeal.com/2011/09/29/hsbc-alternative-investments-and-edge-fund-advisors-buy-out-final-51-percent-stake-in-bertelsmann-building-at-1540-broadway/ February 10, 2022 The Real Deal New York en-US February 10, 2022 https://web.archive.org/web/20220210191634/https://therealdeal.com/2011/09/29/hsbc-alternative-investments-and-edge-fund-advisors-buy-out-final-51-percent-stake-in-bertelsmann-building-at-1540-broadway/ liveSeptember 30, 2011 Edge, HSBC Get 100% Ownership in Times Square's 1540 Broadway https://www.commercialsearch.com/news/edge-hail-get-100-ownership-on-times-square’s-1540-broadway/ February 10, 2022 Commercial Property Executive February 10, 2022 https://web.archive.org/web/20220210211752/https://www.commercialsearch.com/news/edge-hail-get-100-ownership-on-times-square%E2%80%99s-1540-broadway/ live Mark Keller of Edge said he intentionally chose to buy the Bertelsmann Building in two phases. Keller said that he had been "jealous" when CBRE bought the building from Macklowe, calling it a "great transaction".Sederstrom Jotham October 18, 2011 The Chief Executive of Edge Fund Advisors Talks About 1540 Broadway https://observer.com/2011/10/the-chief-executive-of-edge-fund-advisors-talks-about-1540-broadway/ February 10, 2022 Observer February 10, 2022 https://web.archive.org/web/20220210191631/https://observer.com/2011/10/the-chief-executive-of-edge-fund-advisors-talks-about-1540-broadway/ live MetLife gave Edge and HSBC a $350 million mortgage on the Bertelsmann Building.October 31, 2011 MetLife Lends $350Mln for 1540 Broadway in Manhattan https://crenews.com/2011/10/31/metlife-lends-350mln-for-1540-broadway-in-manhattan/ February 10, 2022 Commercial Real Estate Direct en February 10, 2022 https://web.archive.org/web/20220210191632/https://crenews.com/2011/10/31/metlife-lends-350mln-for-1540-broadway-in-manhattan/ liveOctober 31, 2011 MetLife provides $725M in financing for Bertelsmann Building, 601 Lexington - The Real Deal https://therealdeal.com/2011/10/31/metlife-provides-725m-in-financing-for-bertelsmann-building-601-lexington-company-announces/ February 10, 2022 The Real Deal New York en-US February 10, 2022 https://web.archive.org/web/20220210191635/https://therealdeal.com/2011/10/31/metlife-provides-725m-in-financing-for-bertelsmann-building-601-lexington-company-announces/ live Vornado leased the remaining retail space to the Sunglass Hut in 2013,Satow Julie March 13, 2013 Hectic Times Square Is Keeping the Developers Busy en-US The New York Times https://www.nytimes.com/2013/03/13/realestate/commercial/hectic-times-square-is-keeping-the-developers-busy.html February 11, 2022 0362-4331 December 5, 2021 https://web.archive.org/web/20211205182219/https://www.nytimes.com/2013/03/13/realestate/commercial/hectic-times-square-is-keeping-the-developers-busy.html live and Vornado also arranged for a new sign to be installed on the building the same year. In 2016, Edge refinanced 1540 Broadway with a $451 million mortgage from DekaBank.July 18, 2016 German bank provides $451M refi for 1540 Broadway https://therealdeal.com/2016/07/18/german-bank-provides-451m-refi-for-1540-broadway/ February 10, 2022 The Real Deal New York en-US February 10, 2022 https://web.archive.org/web/20220210191631/https://therealdeal.com/2016/07/18/german-bank-provides-451m-refi-for-1540-broadway/ liveBalbi Danielle July 15, 2016 German Bank Funds Refi of Times Square Office Tower With $451M Loan https://commercialobserver.com/2016/07/german-bank-funds-refi-of-times-square-office-tower-with-451m-loan/ February 10, 2022 Commercial Observer February 10, 2022 https://web.archive.org/web/20220210191633/https://commercialobserver.com/2016/07/german-bank-funds-refi-of-times-square-office-tower-with-451m-loan/ live The next year, Edge and HSBC placed a 48 percent ownership stake in the building on the market.October 4, 2017 HSBC, Edge Fund shop stake in Times Square office condo https://therealdeal.com/2017/10/04/hsbc-edge-fund-shop-stake-in-times-square-office-condo/ February 12, 2022 The Real Deal New York en-US February 12, 2022 https://web.archive.org/web/20220212013727/https://therealdeal.com/2017/10/04/hsbc-edge-fund-shop-stake-in-times-square-office-condo/ live The owners renovated 1540 Broadway in 2019 for $40 million. The renovation included an eighth-floor amenity room, new elevators, a restored office entrance on 45th Street, and a cogeneration plant.April 29, 2019 A Midtown Oasis: A $40 MM Renovation Makes 1540 Broadway the Ultimate Office Experience https://commercialobserver.com/2019/04/a-midtown-oasis-a-40-mm-renovation-makes-1540-broadway-the-ultimate-office-experience/ February 10, 2022 Commercial Observer February 10, 2022 https://web.archive.org/web/20220210211822/https://commercialobserver.com/2019/04/a-midtown-oasis-a-40-mm-renovation-makes-1540-broadway-the-ultimate-office-experience/ liveDutton Holly October 15, 2019 Adobe Inc. Quadruples Manhattan Lease https://www.commercialsearch.com/news/adobe-inc-quadruples-manhattan-lease/ February 10, 2022 Commercial Property Executive February 10, 2022 https://web.archive.org/web/20220210152355/https://www.commercialsearch.com/news/adobe-inc-quadruples-manhattan-lease/ live More than 190,000 ft2 of space on the 18th to 24th floors was overhauled in 2019, while 278,000 ft2 on the 26th to 35th floors was scheduled to be completed two years later. Adobe expanded its space in 2019, and pharmaceutical company Schrödinger signed a lease for several floors in April 2021.April 26, 2021 Pharma giant leases 109,000 s/f at 1540 Broadway https://rew-online.com/pharma-giant-leases-109000-s-f-at-1540-broadway/ February 10, 2022 Real Estate Weekly February 10, 2022 https://web.archive.org/web/20220210191632/https://rew-online.com/pharma-giant-leases-109000-s-f-at-1540-broadway/ liveApril 26, 2021 Pharma Developer Schrödinger Signs Times Square Lease https://therealdeal.com/2021/04/26/pharma-developer-takes-109k-sf-in-times-square/ February 10, 2022 The Real Deal New York en-US February 10, 2022 https://web.archive.org/web/20220210193137/https://therealdeal.com/2021/04/26/pharma-developer-takes-109k-sf-in-times-square/ live Planet Hollywood fell behind on its rent in 2018 and stopped paying completely during the COVID-19 pandemic, prompting Vornado to sue Planet Hollywood in 2020.Small Eddie November 9, 2020 Vornado slaps Planet Hollywood with $5.5M lawsuit over unpaid bills 36 38 15 2459653206 Crain's New York Business The Planet Hollywood location at 1540 Broadway closed after its lease expired in August 2021, leaving Planet Hollywood without a location in New York City.Young Celia New Planet Hollywood Headed to Theater District Commercial Observer February 14, 2022 https://commercialobserver.com/2022/02/new-planet-hollywood-headed-to-theater-district/ February 18, 2022 Edge Fund Advisors refinanced the building for $590 million in April 2022,Bockmann Rich Times Square tower lands $590M loan The Real Deal April 4, 2022 https://therealdeal.com/new-york/2022/04/04/times-square-tower-lands-590m-loan/ July 20, 2024Coen Andrew Times Square Office Owners Nab $590M Refi Commercial Observer April 4, 2022 https://commercialobserver.com/2022/04/times-square-office-owners-nab-590m-refi/ July 20, 2024 and Pandora moved its North American headquarters to the building that December.Young Celia Pandora Moving North American Headquarters From Baltimore to NYC Commercial Observer December 13, 2022 https://commercialobserver.com/2022/12/pandora-north-american-headquarters-baltimore-to-nyc/ July 20, 2024Walter-Warner Holden Pandora plans HQ move to Times Square tower The Real Deal December 14, 2022 https://therealdeal.com/new-york/2022/12/14/pandora-plans-hq-move-to-times-square-tower/ July 20, 2024 Reception During 1540 Broadway's construction, Karrie Jacobs wrote that the design is "a building so divided between the subdued aesthetics of premium office space and an attempt to cash in on the mythology of Times Square that it's positively schizophrenic", though she thought this quality aligned with the "craziness of Times Square itself".Jacobs Karrie June 1989 Metaphysical Developments: A Trip to Times Square 8 98 Metropolis According to Crain's New York magazine, the blue-and-green glass facade gave the tower a "plaid" look. Claudia Deutsch of The New York Times described the building's "green tint and striking prow" as "highlighting its million square feet of bulk". Eve M. Kahn of The Wall Street Journal said: "Skidmore Owings & Merrill's 1540 Broadway [...] cannot relate to its neighbors", part of a trend in which "all the area's new construction clashes violently" with Times Square's existing architecture.Kahn Eve M. June 9, 1992 Architecture: Empty New High-Rises Preserve Anarchy of Broadway A14 The Wall Street Journal 0099-9660 398261212 Kahn particularly lamented the empty retail space as "most bombastic and now most miserable" out of all the new projects on Times Square. When 1540 Broadway was completed, architect and writer Robert A. M. Stern described its initial lack of tenants as "a perfect metaphor for the excesses of real estate in the 1980s". The building's bankruptcy led journalist Jerry Adler to publish a book about the building in 1993, entitled High Rise: How 1,000 Men and Women Worked Around the Clock for Five Years and Lost $200 Million Building a Skyscraper.March 1, 1993 High Rise 5 917188484 Kirkus ReviewsStern Fishman Tilove 2006 . 662–663 Adler's book had been possible because, unlike other developers of unsuccessful buildings, Eichner and his partners were willing to speak publicly about 1540 Broadway. David W. Dunlap wrote of the book: "On learning about the coincidences, accidents and sheer chance that shaped [1540 Broadway], one marvels that anything got built at all." See also architecture New York City List of tallest buildings in New York City List of tallest buildings in the United States References Notes Citations Sources Adler Jerry High Rise: How 1,000 Men and Women Worked Around the Clock for Five Years and Lost $200 Million Building a Skyscraper HarperCollins 1993 978-0-06-016701-1 New York 27013131 https://archive.org/details/highrisehow1000m00adle registration Architecture of Skidmore, Owings & Merrill, 1984-1996 Monacelli Press 2009 978-1-58093-223-3 New York 299708727 Monacelli Press 2009 2000 External links https://1540broadway.com/ Vornado website Category:1990 establishments in New York City Category:Bertelsmann Category:Broadway (Manhattan) Category:Office buildings completed in 1990 Category:Skidmore, Owings & Merrill buildings Category:Skyscraper office buildings in Manhattan Category:Times Square buildings