New York, NY (December 7, 2023) –– Jamestown, the real estate investment and management firm known for Chelsea Market and Ponce City Market, today announced the topping out of the redevelopment of One Times Square, home to the historic New Year’s Eve Ball Drop. The $500 million redevelopment will transform the 119-year-old building into a 21st
century visitor center for New York City.
The redevelopment, which is projected to open to the public in 2025, includes the creation of a new viewing deck overlooking Times Square and museum experience that tells the story of the New Year’s Eve celebration and history of Times Square. The redevelopment also includes a next generation brand experience offering brands the ability to connect with their customers in Times Square through immersive, technology-enabled activations, including digital, virtual, and augmented reality integrations.
“The future of Times Square needs to build on its strengths – from Broadway to the digital billboards to New Year’s Eve – while also adding new and varied experiences that evolve and elevate its position as a global entertainment district,” said Michael Phillips, President of Jamestown. “The redevelopment of One Times Square is a reimagination of how Times Square can be experienced and how brands can create meaningful resonance with consumers.”
“The opening of One Times Square in 1904 solidified the neighborhoods history as the center piece of culture and entertainment and created one of the most iconic destinations in the world; linking it to one of the most global events – New Year’s Eve,” said Tom Harris, President of the Times Square Alliance. “This redevelopment will continue to challenge the world by creating a truly unique attraction providing a fresh look at an old classic and allowing the millions who have already been, to experience it anew.”
Among the most significant enhancements currently under construction in One Times Square is the cantilevered viewing deck, which will offer an unparalleled perspective of Times Square and become the focal point of the museum experience. Additionally, The Countdown sign has recently been installed and the 2024 Numerals will soon be atop the building in time for this year's festivities.
One Times Square is a 26-story building located at the intersection of 42nd Street, Seventh Avenue, and Broadway in the heart of Times Square—built as the headquarters of The New York Times in 1904. Home to the New Year's Eve Ball Drop Celebration, the globally recognized building has been central to New Year's Eve traditions celebrated around the world since 1907. Jamestown has coordinated the New Year’s Eve Celebration in partnership with the City of New York and Times Square Alliance since it acquired One Times Square in 1997.
With a pedestrian count of more than 130 million in a typical year, and billions of earned impressions from film, TV, and social media, the property is one of the most visible and recognizable locations in the world, offering brands a global stage to engage with their audience. By virtue of its location and wide exposure, advertising space at One Times Square is highly coveted and among the most valuable signage in the world.
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About Jamestown
Jamestown is a global, design-focused real estate investment and management firm with a 40-year track record and mission to create places that inspire. Since its founding in 1983, Jamestown has executed transactions totaling approximately $40 billion. As of September 30, 2023, Jamestown has assets under management of $11.9 billion and a portfolio spanning key markets throughout the U.S., Latin America, and Europe. Jamestown employs more than 500 people worldwide with headquarters in Atlanta and Cologne, and offices in Amsterdam, Bogotá, Boston, London, Los Angeles, Madrid, New York, San Francisco, and Washington, D.C. Current and previous projects include One Times Square and Chelsea Market in New York, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, the Innovation and Design Buildings in Boston and Lisbon, and Groot Handelsgebouw in Rotterdam. For more information, visit www.jamestownlp.com.
