Jamestown is redeveloping the iconic One Times Square building—the site of the New Year's Eve ball drop—in a $500 million initiative that the company says will reposition the 118-year old building into a visitor center for New York City.
The redevelopment will open much of the building's interior to the public for the first time in decades and will include a new viewing deck and museum. Investment will be made in advertising technology as well, to allow brands to provide immersive digital, virtual and augmented reality-based experiences throughout 12 floors of the 26-story building.
"This $500 million redevelopment will transform a largely empty and inaccessible property into an alive and welcoming building for all who stop by," said Congressman Jerrold Nadler in prepared remarks.
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AECOM Tishman is the general contractor for the project and its president Jay Badame says it will create 500 construction and manufacturing jobs, while generating millions in economic activity.
The redevelopment also includes improvements to the Times Square Shuttle station, which will include a new stair entrance, canopy, and ADA accessible elevator.
The redeveloped building interior is projected to open to the public in summer 2024.
One Times Square is located at the intersection of 42nd Street, Seventh Avenue, and Broadway in the heart of Times Square. Built as the headquarters of The New York Times in 1904, it is widely known for the New Year's Eve celebration it coordinates with the city and the Times Square Alliance.
Jamestown acquired One Times Square in 1997.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
