One Times Square, also known as 1475 Broadway, the New York Times Building, the New York Times Tower, or simply as the Times Tower, is a 25 story, 395-foot (120-metre)-high skyscraper, designed by Cyrus L. W. Eidlitz (HLW International), located at 42nd Street and Broadway in New York City. The tower was originally built to serve as the headquarters of the local newspaper, The New York Times (which also gave its name to the area as a whole, known as Times Square); however, the Times only stayed in the building for less than 10 years before it moved to a new building on 229 West 43rd Street.
Despite the Times leaving the building, One Times Square remained a major focal point of Times Square due to its annual New Year's Eve "ball drop" festivities (the ball itself has remained atop the tower year-round since 2009), along with the introduction of an electronic news ticker at street-level in 1928. Following its sale to Lehman Brothers in 1995, One Times Square was re-purposed as an advertising location to take advantage of its prime location within the square. Most of the building's interior remains vacant (aside from its only major tenant, a Walgreens pharmacy which occupies its lower levels), while its exterior features a large number of traditional and electronic billboards. Due to the large amount of revenue that its ads pull, One Times Square is considered one of the most valuable advertising locations in the World.
From Building To Billboard:
In 1992, the owners of One Times Square filed for bankruptcy protection. In March 1995, One Times Square was sold to the financial services firm Lehman Brothers for $27.5 million. The new owners felt that it would not be cost-effective to house new tenants in the tower due to its small floors. Instead, they decided to market the tower as a location for advertising to capitalize on its prominent location within the Square. The entire exterior of One Times Square above the ticker was modified to add a grid frame for mounting billboard signs.
Throughout 1996, One Times Square's first electronic billboards were installed; a Cup Noodles billboard with steam effects was added to the front of the tower in 1996, later accompanied by an animated Budweiser sign. In October, a new 55-foot video screen sponsored by ITT Corporation was introduced to the top of the tower, which would feature video advertisements and community service announcements. In December 1996, a new Panasonic display operated by NBC known as Astrovision was introduced as a replacement for Sony's Jumbotron at the base of the tower.