The building at 1460 Broadway, located at the corner of the 41st street in Times Square, New York City, will soon get a new owner and a complete makeover to match the glitz of the area.
The New York Post is reporting that Swig Co., the San-Francisco-based office property firm, will reportedly be buying out Blackstone Group's 49 percent stake in the building by September, this year. It plans on bringing Himmel + Meringoff as the new operating partner.
While the price of the buyout has not been disclosed yet, the new partners plan on a heavy $25 million renovation that will transform the B-class office structure to an A-class building complete with LED-lights and state-of-art amenities. Once the renovations are complete, new asking rents will be about $50 to $60 per square foot.
The property was built in 1951 by Benjamin Swig and Jack Weiler. It was last renovated in 1999. Law firm Skadden, Arps occupies almost all the office space in the 215,000-rentable-square-foot structure. Other ground level tenants include Starbucks and Staples.
The Post also reports that Skadden, Arps will be moving out soon, which is why the owners have planned on a total revamp of the building. They plan on "creating magic" with the building just like their previous project at 401 Park Ave. S.
Times Square is one of the most famous areas of the Big Apple. It is lit by giant LED-lit display boards that are on 24/7, seven days a week throughout the year.
A recent Gizmodo feature shed light on how Times Square actually works. Adam Clark Estes, the author, calls Times Square a "big, busy machine."
"Perhaps most profoundly, however, is the fact that the signs stand as tribute to the unabashed glory that is American ingenuity. A hundred years ago, Times Square was just a little piece of real estate halfway into the relative countryside that was Uptown back then. A visionary newspaper owner, careful urban planning, even more careful urban renewal efforts, millions of visitors, and of course, some pretty awesome signs have now helped Times Square become one of the most iconic places on Earth," Estes concludes adding:
"And if you really think about it, without all those signs, Times Square would be just another messy Manhattan intersection."
