Development Early plans The
Empire State Development Corporation (ESDC), an agency of the New York state government, had proposed redeveloping the area around a portion of West 42nd Street in 1981. Four towers designed by
Philip Johnson and
John Burgee were to be built around 42nd Street's intersections with
Broadway and Seventh Avenue. These towers would have been redeveloped by George Klein of
Park Tower Realty, though the
Prudential Insurance Company of America joined the project in 1986. Furthermore, as part of the West Midtown special zoning district created in 1982, the New York City government had allowed new buildings in Times Square to be developed with an increased floor area ratio. To ensure the area would not be darkened at nightfall, the city passed zoning regulations that encouraged developers to add large, bright signs on their buildings. Opposition from the
Durst Organization, along with Prudential and Park Tower's inability to secure tenants for the proposed buildings, led government officials to allow Prudential and Park Tower to postpone the project in 1992. By then, Prudential had spent $300 million on condemning the sites through
eminent domain. The partners retained the right to develop the sites in the future, and the ESDC's zoning guidelines remained in effect. The Hansens Times Square Brewery, with its Concorde rooftop sign, opened on the site in 1996. Prudential and Klein dissolved their partnership in 1996. and he developed 4 Times Square there. Prudential and Park Tower decided to market the three other sites after the successful development of 4 Times Square. In March 1997, Prudential indicated its intent to sell the sites' development rights or lease the sites to developers. The northwest corner of Seventh Avenue and 42nd Street was taken by
Reuters, which enlisted
Rudin Management as its development partner and built 3 Times Square on that corner. In June 1997,
Marriott International proposed a 700-room
Courtyard by Marriott hotel for the south side of 42nd Street between Broadway and Seventh Avenue, on what is now the Times Square Tower's site.
Boston Properties plans By the end of 1997, several developers including Durst,
Burton Resnick,
Steven Roth, and
Jerry Speyer were reportedly bidding for the Disney site at the southwest corner of 42nd Street and Seventh Avenue. Klein partnered with
The Blackstone Group in his bid. The same month, Philip Johnson and
Alan Ritchie proposed a 40-story structure on the southwest corner and a 49-story structure on the southeast corner. This plan included a facade system designed by Fernando Vasquez and Sussman/Prejza, which consisted of rectangular panels clipped onto the spandrels, allowing advertisements to be shown directly on the facade.
Herbert Muschamp of
The New York Times regarded the scheme as having "earned a place in the history of ideas", despite being similar to a previous plan for the site. Boston Properties, operated by
Mortimer Zuckerman, would take majority ownership, Real estate experts had considered the southeast-corner site to be the less valuable of the two sites due to its relatively small area. Boston Properties did not want to start construction until a major tenant had been secured.
The Walt Disney Company and
HBO were both reportedly considering offices on either site, but HBO reneged in early 1999, and Disney would not occupy enough space in the southeast-corner site to be considered an anchor tenant. Boston Properties was reviewing five proposals for tenants by January 2001, and it made an offer to
Clifford Chance Rogers & Wells, then the world's largest law firm. Simultaneously, accounting firm
Arthur Andersen was facing eviction from
1345 Avenue of the Americas, where it had fourteen floors. Arthur Andersen began negotiating with Boston Properties since there was little other space that the firm could occupy elsewhere. The company agreed in principle to lease some of the space in July 2000 Two months later, the lease was finalized and Boston Properties acquired the site. Arthur Andersen was negotiating to receive $10 million in tax exemptions from the city government. The Concorde above the former Times Square Brewery was removed. Times Square Tower and its three neighboring developments would collectively add almost of office space. All four projects were being marketed with a Times Square address, which until the early 1990s had not been popular in the city's real estate market. At the time, rents for commercial space around Times Square were increasing drastically. Excavations began in June 2001 However, the expected demand did not arise. Arthur Andersen became involved in the
Enron scandal during late 2001 and early 2002 but initially committed to its space at Times Square Tower. By March 2002, the firm was considering abandoning its lease at Times Square Tower. Boston Properties wished to terminate the firm's lease to avoid prolonged legal issues, and the developer had already received five offers from other firms to occupy that space. Arthur Andersen's lease was formally terminated in June 2002. Boston Properties started marketing Times Square Tower to law firms, which took up large amounts of space, making them desirable tenants for the developer. Less than a week after Arthur Andersen's lease was canceled, law firm
Pillsbury Winthrop negotiated to occupy part of the building, though Pillsbury instead decided to occupy
1540 Broadway, citing lower rents there. Despite the lack of a main tenant, Times Square Tower was being built by late 2002. Law firm
O'Melveny & Myers became the first tenant to sign a lease at Times Square Tower in January 2003, occupying eight stories. O'Melveny & Myers's lease allowed Boston Properties to market the other stories at their official asking rates of . Meanwhile, the September 11 attacks had prompted Thornton Tomasetti to revise plans for the building's structural system. The subway entrance had to remain open during construction.
Usage Times Square Tower opened in April 2004. Marketing of the retail space began that month following the removal of construction scaffolding. The law firm
Heller Ehrman White & McAuliffe, leased about that July. A month later, clothing retailer
Ann Taylor leased part of the retail space and twelve office stories, bringing Times Square Tower to three-quarters occupancy. With about , Ann Taylor was the largest tenant of the tower. According to the magazine
Real Estate Weekly, Times Square Tower's completion "sealed the [42nd Street Development] with architectural, financial and operational success". The spheres were donated to the
New York Hall of Science, a science museum in
Queens.
Ruby Tuesday leased some retail space in 2007 for a two-story restaurant. By then, much of the building was occupied. Six tenants, including four law firms, collectively occupied . Target continued to run advertising on nine of the building's signs for several years; in 2009, Target changed the billboards so they displayed artwork honoring New York City. In subsequent years, the space was leased to tenants such as law firms Cohen Rabin Stine Schumann,
Ashurst LLP,
White and Williams LLP, and
Manatt, Phelps & Phillips. At the time, Ann Taylor, O'Melveny & Myers, and law firm
Pryor Cashman were among the largest tenants, while Ann Taylor and Ruby Tuesday occupied the retail space. Boston Properties sold a 45 percent leasehold stake to Norway's central bank
Norges Bank in September 2013 for $684 million. In 2018, Boston Properties started renovating the sky lobby with a tenants' cafeteria. After Ascena went bankrupt in 2020, Boston Properties tried to recover millions of dollars in unpaid rent, as it could not lease Ascena's office space to another tenant unless Ascena broke its lease. A
Pink Taco restaurant opened at Times Square Tower in 2023. ==References==