An amazing fact: Of seven office skyscrapers currently planned or under way in Manhattan, four are located in Times Square, reaffirming the continuing dominance of "The Crossroads of the World" within New York City's turn-of-the-millennium office market. However, these are not the traditional corporate towers that have dominated so much of the midtown cityscape for decades, but rather the unique symbols of a new age in Corporate America. As a magnet for corporations in the vanguard of their respective industries, Times Square in the year 2003 will be an office center that is home to the young, professional "knowledge workers" who are leading elite companies into the future.
Knowledge workers are propelling top firms to success by bringing effort, energy and creativity to employers in finance, law, consulting and information fields. They want to work in an informal yet dynamic atmosphere in which they can evolve professionally and enjoy the experience. Their preferred environment combines cutting-edgeand high-tech infrastructure, with easy access to entertainment and recreation, and a quick commute.
Times Square fits this difficult criteria set. First, all four new towers feature refreshing architectural interpretations of the "skyscraper" that enhance the exciting atmosphere of Times Square and, more importantly, correspond to the energy, vitality, poise and drive of the knowledge worker.
Also, the availability of large blocks of first-class space in the midst of Manhattan's most exciting 4-hour entertainment/retail environment has made Times Square the most desirable location in New York City. Majorretailers, restaurateurs and entertainment users continue to clamor for space in buildings such as 1530 Broadway, which offers one of the largest retail blocks remaining in the market, in order to serve the growing number of young office employees.
Times Square also more than fits the bill for easy access: It is at the crossroads of every major subway line, midway between Penn and Grand Central stations and in close proximity to appropriate housing. This is where young professionals who put in long hours each day want to work (and play); the organizations that require these workers in quantity to gain leverage in their businesses are making location decisions with this in mind.
Several elite corporate tenants already have committed to large blocks of space in Times Square's new facilities, and others are following suit. Conde Nast and law firm Skadden Arps Slate Meagher & Flom will move into the Durst Organization's 4 Times Square building this year; Reuters will occupy most of The Rudin Organization's 853,000 sq. ft. 3 Times Square, where work has already begun; and accounting firm Ernst 7 Young has signed to occupy an entire to-be-built 1.1 million sq. ft. tower by Boston Properties and designed by Kohn Pederson Fox Associates P.C. These tenants join existing Times Square users Bertelsmann, Viacom and Morgan Stanley.
The "Crossroads of the World" has become the place where leading dynamic companies from divergent industries converge. In their quest for appropriate space to attract the knowledge worker, top real estate decision-makers have searched New York City and found Times Square - an area strongly identified with youth, growth and the future. By committing to Times Square, these decision-makers have helped solve their young professional recruitment and retention challenges and chosen the premier office market of the new millennium.