Believe it or not, biggest Ripleys to open in Times Sq.

Believe it or not, another exciting tourist attraction is coming to Times Square.

The world's largest Ripley's Believe It or Not! museum is set to open next year at the Bertelsmann Building, 1540 Broadway, according to the building's owner, Paramount Group Inc., which purchased the 44-story, 1.1 million square foot office and retail tower earlier this year. The building occupies the entire eastern blockfront of Broadway, between 45th and 46th Streets.

Paramount, headed by its President and CEO Albert Behler, has leased all of the property's remaining 22,365 s/f of retail space on the ground, first and second levels of the building to Ripley's franchisee, Chicago-based Museum on Broadway LLC.

The "weird" museum, which is expected to open next Fall and will include a retail store selling Ripley paraphernalia, will be about twice as large as any existing Believe It or Not entertainment center. There are presently 17 such museums in the United States, two in Canada and eight others around the world, including Europe, Asia and Australia.

"We are delighted to bring this world famous tourist attraction to our building," asserted Mr. Behler. "Not only will it complement our already dynamic retail mix featuring the Virgin Records megastore and Planet Hollywood restaurant, but it's a great addition to the resurgent Times Square entertainment corridor."

Robert Futterman and Josh Strauss of Robert K. Futterman & Associates represented Museum on Broadway LLC in the 15-year leasing transaction. James VanderVliet, Vice President of Leasing for Paramount Group, represented the landlord. Although no financial details were released, Mr. Futterman noted that retail rents in the prime Times Square district are today approaching the $500 a foot level.

"We're very excited to be opening our Ripley's museum in a dynamic entertainment district where an average of over 1.5 million people pass by every day," stated Denise Richmond, partner of Museum on Broadway LLC. "Times Square deserves the biggest and best Ripley's museum ever created and that's what we intend to produce."

Ripley museums are part of Ripley Entertainment, Inc., a subsidiary of Canadian conglomerate The Jim Pattison Group, which publishes the Ripley's Believe It or Not/comic strip, licenses its name for the television show of the same name, and owns about 40 other entertainment attractions in ten countries including Louis Tussaud's Wax Museum, aquariums, 3-D simulation theaters, haunted house adventure parks, miniature golf courses, and sightseeing trains. The brand was created by Robert L. Ripley in 1918.