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Times Square's Candler Building to be restored.

Redevelopment of the Candler Building, the centerpiece of the new 42nd Street, is underway, with its base floors slated to become a lively entertainment-retail complex.

Discussions with several top name entertainment and retail companies - anxious to create a presence in Times square - are underway, it was announced by GVA Williams Real Estate. Space in the building's upper floors is being redeveloped for office users, primarily in the entertainment, media and creative industries.

The building, located between Disney's New Amsterdam Theatre and the site on which Madame Tussaud's is now under construction on 42nd Street, is undergoing a $40 million renovation. Space in the building will be available in time for New Year's Eve 1999, when record crowds are expected to flock to Times square to welcome the new millennium.

Cornerstone Real Estate Advisers, a division of Massachusetts Mutual Life Insurance, has retained Williams Property Advisors - the asset services group of the New York City-based GVA Williams Real Estate Co. - to oversee the redevelopment project and to serve as the exclusive reusing and managing agent for the property. Massachusetts Mutual owns the property.

Paul Bacon, vice president of cornerstone, said "The Candler Building is the grand-daddy of 42nd Street. This redevelopment project will offer entertainment and retail companies that want to be a part of the celebration of the century one last chance to create a presence in Times square before the new millennium."

Stephen Schofel, executive managing director of GVA Williams, said "Times square has become the most desired retail center in the city. No other site on 42nd Street will be able to accommodate retailers that want to be in their space in time for the Year 2000 celebrations. The Candler Building will offer major entertainment companies the world's number one entertainment venue."

The 24-story, 230,000 square-foot building is ideally suited for retailers in the entertainment industries.

According to Schofel, "Disney, Warner Bros., Virgin, Madame Tussauds, MTV and so many other entertainment companies have already flocked to Times square. The Candler Building, which is right in the middle of the hottest block in New York, will be a perfect home for another tenant of this type. In fact, discussions are now underway with several companies that want to establish a presence in Times square."

In addition to the retail/entertainment space on the lower floors, the building's upper floors are being made available for use as office space. With floors ranging in size from 5,000 to 12,000 square feet, the building is ideal for firms in the entertainment and creative industries.

Renovations to the building will include restoration of the terra-cotta facade, installation of new elevators and windows, and new lobby and new building systems.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Dec 9, 1998
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