1585 Broadway
New York, NY

In 1992, Hines was hired as asset manager and advisor to a consortium of banks that held the mortgage to 1585 Broadway, a 41-story, 1.3 million-square-foot office tower located in New York City's Times Square. The original developer had filed for bankruptcy the previous year, leaving unfinished building construction, stalled leasing and strained tenant relationships. After the bank group gained control of the asset through the bankruptcy process, Hines took over the on-site property and construction management as well as the marketing, leasing and disposition activities. Morgan Stanley Financing Inc. purchased the building and retained Hines as the asset manager. Hines managed approximately $100 million in improvements to the building to prepare it for initial Morgan Stanley occupancy.

Address
1585 Broadway
New York, NY

Location
Corner of Broadway and 47th Street in midtown Manhattan

Hines' Role
Asset Manager
Property Manager

Architect
Gwathmey Seigel & Associates

Net Rentable Area
Retail space:
9,653 sq. ft.
(897 sq. m.)

Office building:
1,346,418 sq. ft.
(125,082 sq. m.)

Typical Floor Size
30,000 sq. ft.
(2,787 sq. meters)

Major Tenants
Morgan Stanley Dean Witter

Awards
BOMA Award 1998
BOMA Award 1997