A historic structure called One Times Square is situated in the center of New York City. Its famed New Year’s Eve ball drop, which has been a tradition since 1907, is likely what makes it most well-known. However, a lot of people want to discover who owns this famous structure.
The real estate investment and management firm Jamestown Properties currently owns One Times Square, that is the answer. The structure was bought by Jamestown Properties in 1997 for $117 million. Since then, they have spent millions of dollars renovating the structure in an effort to upgrade its infrastructure and draw in new tenants.
The New York Times Company first constructed One Times Square in 1904. The Cyrus L.W. Eidlitz-designed structure was meant to house the newspaper’s administrative offices. The larger York Times, however, swiftly outgrew the structure and relocated to a larger location eight years later.
One Times Square has housed a wide range of various businesses and tenants over the years. The structure is currently largely recognized for its billboards and advertisements. One of the most identifiable buildings in New York City, the structure’s facade is covered in LED screens and digital billboards.
What is the average duration of a billboard’s stay in One Times Square? It varies, is the response. While some businesses enter into long-term leases that can continue for several years, others only rent space for a few weeks or months at a time. Depending on the size, placement, and length of the leasing agreement, the cost of renting advertising space on One Times Square can vary significantly.
In conclusion, Jamestown Properties owns One Times Square, which is well-known for its billboards and commercial displays. The structure has a long history and has housed a wide range of different enterprises and tenants. If you ever find yourself in New York City, make sure to visit Times Square and see this famous structure for yourself.