"Eight months ago we started erecting steel," Daniel R. Tishman,president and CEO of Tishman Construction Corporation began. Hecongratulated "the 500 construction workers" present and the"unique ability" of New York trade union workers to build in NewYork, which he said, "[is] the most difficult place in the world tobuild." He noted its presence within the Times Square community,saying it was significant that this would be the third MorganStanley office in the "crossroads of the world."

Morgan Stanley's Stephan Newhouse, who was named co-president, aCOO and chairman of Morgan Stanley International (to be based inLondon) on Sept. 25 of this year, spoke also. He noted theproximity of this new building to their 750 and 1585 buildings.Newhouse compared seeing the inside of the construction site toknowing about sausages, but seeing the inside of a sausage factoryfor the first time. He suggested said that after the initialplanning was done it "has been downhill ever since," but suggestedby way of saying how pleased he was that this statement was toindicate smooth sailing and not a negative decline in the processor relationships.

The principals of the three companies, joined by Hines InterestsLimited Partnership, development advisors to Morgan; Kohn PedersenFox, architects; Gensler, interior architects; Thornton-Tomasetti,structural engineers; Jaros Baum & Bolles,mechanical/electrical/plumbing engineers; Robert DerectorTelecommunications; and Colliers ABR, a real estate brokerageservice, stood around a cardboard cut-out picture of a remotecontrol held to "start" the hoisting. The signed beam was raisedwith the traditional tree and flag attached and raised to the 32ndfloor.