Let there be lights.

One Times Square is probably the most lucrative empty building in the world.

Built in 1904, the 100,000 s/f tower is known around the world as the building where the ball drops every New Year's Eve. Owned by Jamestown and Sherwood Equities of New York, it currently has around 20,000 s/f of available retail space which has lain empty since the Warner Bros. Store moved out in 2001.

However, it is also home to a total of 13 electronic signs and billboards which generate around $10 million a year.

The most prominent of the signs is the Panasonic NBC Astrovision video screen. In the mid-90s, the electronic and media giants negotiated a deal worth in excess of $1 million a year to lease the space.

"We were on the cusp of the re-birth of Times Square," said Justin Camerlengo, Panasonic's executive director of communications and Astrovision management.

Measuring nearly three stories high and four stories wide, the screen contains 1.5 million light-emitting diodes and is capable of displaying more than a billion shades of color. "We were the only video sign. Now there are 13, although none have the prominence because of the old real estate phrase, 'location, location, location.' It's the right spot, the right level--it's been darling for us. We saw it as a tremendous opportunity and we have been delighted with its success."

The sign is a priceless showcase of Panasonic technology. As the visual centerpiece of Times Square it is seen by millions across the world on television, in movies or when they visit New York City.

Panasonic also sells advertising on the Times Square icon and, as well as broadcasting the nightly news with Tom Brokaw, screens a host of special events. Last Thursday, the final episode of the hit sitcom, Friends, was beamed lived into the Square.

Later this month, Panasonic, the USO and the United States Navy will collaborate on a one-of-a-kind event where sailors in town for Fleet Week receive a special greeting.

With 'Welcome to Times Square' flashed on the Astrovision, the Fleet Week sailors and marines will be photographed in groups of four with their images simultaneously projected on the screen then the pictures given to them free as a souvenir.

"While we use the sign to accommodate our needs, we are very conscious of its value as a public service instrument," said Carmerlengo.

"It's a very valuable piece of emotional real estate."

Panasonic's lease is due to expire in 2006 and the company will be entering into negotiations for its renewal "in the near future."