After World War II, development of theaters around Times Square stalled, and the area began to evolve into a business district. By the 1960s, city officials were encouraging the westward expansion of office towers in Manhattan, and there were few efforts to preserve existing theaters. This changed in 1967, when the
New York City Board of Estimate approved a
zoning regulation encouraging the construction of theaters in new office buildings near Times Square. The legislation allowed developers to increase the maximum amount of office space in their buildings if they erected a theater at their base.
Development and early years National General Pictures announced in January 1970 that it had signed a lease for a 32-story skyscraper with two movie theaters, which was to be built on the site of the Claridge Hotel. and demand for office space in Manhattan had already begun to wane. The building's cinema opened December 12, 1972, with the premiere of ''
The Poseidon Adventure. It was the first new movie theater to be built on Times Square in 37 years, following the
Criterion Theatre in 1935. the structure was almost completely vacant except for its retail space and movie theater. the
Actors' Equity Association, One-third of the building had been leased by early 1975. Years after the building opened, it continued to struggle with low occupancy rates. By 1975, the building's space was only being rented for , well below the that experts said was necessary for the building to break even. A
Chase Bank branch in the building had closed in 1976 after just two years of operation.
Newsweek wrote in 1977 that the building remained half empty, even though the office space was still relatively new. In 1979, as part of an ongoing redevelopment of Times Square, architect Frederick DeMatteis proposed creating a three-story "deck" surrounding 1500 Broadway and several other nearby buildings; the deck would have supported numerous skyscrapers. A second screen was added at the National Theater in 1982. The building did not reach near-full occupancy until the mid-1980s, when space was being rented out for . During the 1980s,
Garth Drabinsky of
Cineplex Odeon Corporation took over the National Theater and renovated its two screens.
Sales and renovations The structure was sold in 1988 for about $88 million, or approximately . The new owners, known as the 1500 Realty Company, had wanted to buy the building because it had windows on all sides, the offices did not require
asbestos abatement, and the neighborhood was improving. However, the structure had of vacant space; brokers said potential tenants were dissuaded by the lack of security, poor maintenance, and rundown lobby. This prompted the owners to renovate the lower section of the building's facade and enlarge the lobby. The renovation attracted six tenants who collectively leased . 1500 Broadway was 96 percent occupied by 1994, when a $75 million mortgage loan on the building was sold. The building was sold in September 1995 to a partnership who paid
Crossland Savings Bank $55 million. Intertech, Rushbury Limited, an
investment trust, bought a 6.25 percent ownership stake in 1996. After the building was sold, Intertech announced plans to renovate 1500 Broadway's mechanical systems and public spaces for $6 million. Most of the tenants' retail leases were set to expire over the next several years, and these tenants gradually moved out. Intertech's executive vice president said, "One of the reasons we bought 1500 Broadway in 1995 was its potential for signage", as the building had never contained any advertisements. As such, Intertech announced plans in early 1997 to install an advertising screen, the first such screen to be installed on the building in its history. To attract potential tenants, Bendit's firm
Taconic Investment Partners replaced the building's wiring. Although clothing chain
Old Navy had been negotiating to lease the building's ground level, the
American Broadcasting Company (ABC) leased the lower floors of 1500 Broadway in late 1997, with plans to add television studios and an
ESPN Grill there. ABC agreed to lease the space after two executives of ABC's parent company,
the Walt Disney Company, had stood on the old National Theater's marquee while looking for sites for its studios. ABC was one of several major companies to lease large amounts of space in Times Square during that time, and rent rates at the building increased significantly in the following year. The National Theater was closed to make way for the studios, following the renovation, which cost about . Bendit sold his stake in the building the same year. According to
The New York Times, the building's occupants included "lawyers, accountants, salesmen, public relations people, and the staffs of two magazines", namely
Essence and
Latina; its largest tenant was public-relations firm
Edelman, which employed 300 people at the building. In addition, Edelman continued to occupy a large part of the building until 2009. By the early 2010s, the building's tenants included Chinese Communist Party–owned newspaper
China Daily, in addition to 13 technology companies. The Tamares Group acquired Rushbury Ltd.'s ownership stake in 1500 Broadway for $12 million in 2014 before obtaining a $335 million mortgage loan for the building. This prompted Simon Murray of Rushbury Ltd. to sue the Tamares Group's director,
Poju Zabludowicz, claiming that Zabludowicz had convinced Murray to sell his ownership stake because Zabludowicz did not want to share the cash from the mortgage loan. along with a Carlo's Bakery. Tamashii Nations opened a toy and collectible store there the next year. The building's $335 million loan was sent to
special servicing in August 2024. Though Nasdaq chose not to renew its lease at the end of the month, the company continued to operate its signage on the building. Tamares obtained a four-year loan extension in March 2025, giving the company more time to repay the loan. The same year,
Good Morning America moved out of its 1500 Broadway studio, having announced its relocation in 2023. == Critical reception ==