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1585 Broadway

From Alfawiki
Morgan Stanley
Company typePublic
IndustryFinancial services
FoundedSeptember 16, 1935; 91 years ago (1935-09-16)
FounderHenry S. Morgan, Harold Stanley
Headquarters
New York City
,
United States
Area served
Worldwide
Key people
James Gorman (Chairman and CEO)
ProductsInvestment banking, wealth management, asset management
Number of employees
75,000+
Websitewww.morganstanley.com

1585 Broadway, commonly referred to as the Morgan Stanley Building, is a 42-story commercial tower situated in Manhattan's Theater District, New York City. The structure was conceived by the architectural firms Gwathmey Siegel & Associates Architects and Emery Roth & Sons, with development led by David and Jean Solomon. It rises prominently along Broadway between 47th and 48th Streets. Since 1995, it has functioned as the main office for the financial services company Morgan Stanley.

The design incorporates a low-rise base with tiered setbacks ascending to a facade composed of glass and aluminum, crowned by a glass gable roof. Retail outlets occupy the entire ground-level frontage on Broadway, while access points for offices are located on 47th and 48th Streets. These entrances connect through a large lobby that provides entry to a basement cafeteria. Morgan Stanley occupies the upper floors, including executive offices on the 40th and 41st levels. The interior spaces were designed collaboratively by Gwathmey Siegel and Gensler.

The building was initially constructed on speculation by Solomon Equities in 1989 on the former location of the Strand Theatre. During construction, Morgan Stanley opted not to lease space. Upon its completion in 1990, law firm Proskauer Rose became the sole occupant, leasing eleven floors. The Solomons faced challenges in attracting additional tenants, resulting in foreclosure by December 1991. Subsequently, a banking consortium assumed ownership and sold the property to Morgan Stanley in 1993, which then undertook renovations and established its headquarters there. Proskauer Rose updated its leased space in 2000 and remained until 2010; afterward, Morgan Stanley expanded into that area and modernized several floors throughout the mid-2010s.

Site

Situated on Broadway’s west side between 47th Street and 48th Street, 1585 Broadway occupies a trapezoidal parcel measuring , positioned at the northwest corner of Times Square within Midtown Manhattan’s Theater District. The lot has a frontage along 47th Street and extends deeply . Its southeastern boundary faces onto Duffy Square.

This location lies within Manhattan’s vibrant Theater District, home to numerous Broadway theatre venues. The Morgan Stanley Building shares its block with theaters such as the Ethel Barrymore Theatre, Samuel J. Friedman Theatre, and Longacre Theatre. Nearby are other notable venues including the Eugene O'Neill Theatre, Walter Kerr Theatre, as well as the Crowne Plaza Times Square Manhattan. Directly across Times Square are landmarks like 20 Times Square, TSX Broadway, the Palace and Embassy Theatres, along with the I. Miller Building. Additional proximate sites include the Hotel Edison, Lunt-Fontanne Theatre, Brooks Atkinson Theatre, and Paramount Hotel. Prior to redevelopment in 1986, this site hosted two six-story structures: the Strand Theatre and Leighton's Haberdashers and Clothiers, which had operated on Broadway for nearly seven decades.

Architecture

The architectural design of 1585 Broadway was a collaboration between Emery Roth & Sons and Gwathmey Siegel & Associates Architects, marking Gwathmey Siegel’s inaugural venture into high-rise construction. The tower rises 42 stories with a roof height of . Structural engineering was overseen by Irwin G. Cantor from WSP Cantor Seinuk, while Tishman Construction served as general contractor.

The building has earned Leadership in Energy and Environmental Design (LEED) Gold certification for its commitment to sustainability practices. Known primarily as the Morgan Stanley Building due to its principal occupant, financial services firm Morgan Stanley utilizes 1585 Broadway as one of its key headquarters locations.

Form and facade

The structure showcases a glass exterior complemented by a pitched roof incorporating four illuminated panels, blending characteristics of both gabled and mansard roofing styles. The building's base spans the entire plot, aligning with Broadway, which cuts diagonally across Manhattan’s grid. Designed with multiple setbacks, the base addresses the pedestrian scale typical of the theater district. Above street level, two rectangular setbacks along with a double-height mechanical area on the fourth and fifth floors curve outward toward Broadway, marking the boundary between the base and the tower. This mechanical zone features ventilation and heating grilles in place of windows. The tower itself is oriented parallel to the street grid, aligning with 47th and 48th Streets.

Glass and metal clad the base, with dark-glass panels concealing signage behind them. These signs were produced by Artkraft Strauss Sign Corporation to meet municipal requirements. Along Broadway’s sidewalk, ten dark-glass "fins" each display one character spelling out "1585 B'way." Retailer signage appears on storefronts, while three horizontal boards above the fourth-story setback present financial data and news via a ticker tape approximately 140 feet in length and 10 to 12 feet in height. Additional corner signs measuring 30 by 60 feet display market updates, and curved signs at Broadway’s intersections with 47th and 48th Streets show world time zones. The Morgan Stanley name is displayed only at the corners in letters seven inches tall.

The tower’s facade mainly consists of a glass curtain wall with panels designed by PPG. Silver aluminum spandrel panels accentuate the corners, which feature inward notches on upper floors filled with mirrored glass panels. The remaining facade uses white, blue-green, or mirrored glass panels framed by nearly invisible mullions. These materials produce shifting hues under varying light conditions, combining opacity and reflectivity to suggest both fluidity and durability.

Features

The building contains a total gross floor area of . In accordance with zoning laws, retail shops occupy the Broadway frontage exclusively, with no office entrances located there. Gwathmey Siegel was responsible for designing the original lobby in 1990 as well as Morgan Stanley’s executive suite in 1995; Gensler completed the design of other office spaces.

Lobby and basements

Connecting entrances on 47th and 48th Streets, the lobby serves as a privately owned public space. It forms part of a passageway stretching from 44th to 49th Streets alongside areas like Shubert Alley and the Hotel Edison lobby.

The lobby features a marble floor patterned with geometric tiles in white, dark green, and black hues. Walls are constructed from gray granite accented by strips of dark green marble; one wall curves inward to visually reduce its length. The wooden ceiling is supported by two substantial columns and arranged in a grid pattern containing rectangular coffers approximately wide. Incandescent lamps equipped with reflectors produce a distinctive lighting effect developed by Stephen Margulies.

Escalators behind glass walls descend to a basement dining room seating 500, constructed in 1995 within what was originally storage space unconnected to the lobby. Combined, the lobby and dining area cover . The sub-basement initially housed law firm Proskauer Rose, whose chairman Alan S. Jaffe described it as a "concourse." By 2000, part of this level was converted into a law library holding 60,000 volumes, staffed by fourteen librarians with seating for thirty-four lawyers. This sub-basement also contains locker rooms featuring full-height frosted-glass panels, wood details, indirect lighting, and three concrete columns clad in stainless steel measuring .

Executive suite

Morgan Stanley’s executive offices span 45,000 square feet across the 40th and 41st levels, comprising workspaces, dining areas, conference rooms, and boardrooms. The entrance lobby features windows with views extending in three directions, while the offices accommodate thirty senior leaders. The interior design incorporates granite alongside three distinct wood varieties—anigre paneling in the foyer, mahogany used for staircase treads and ceiling frameworks, and ebonized cherry applied to doors and fixtures—demonstrating Morgan Stanley’s commitment to authentic materials. Additionally, the suite boasts a 35-foot-long boardroom table and contemporary furnishings influenced by Frank Lloyd Wright’s Coonley House design.

History

Following World War II, Times Square’s Theater District gradually evolved into a commercial hub; however, between 1958 and 1983, only a dozen buildings exceeding 100,000 square feet were developed within the area bordered by Sixth Avenue, Times Square, Eighth Avenue, and Columbus Circle. In response to the robust demand for office space in New York City during the 1980s, plans for 1585 Broadway were introduced. Developers David and Jean Solomon—who had amassed experience in Manhattan’s residential and office markets since the late 1970s and 1980s—opted to undertake speculative development of 1585 Broadway alongside 750 Seventh Avenue on Times Square’s northern perimeter without securing tenants beforehand.

Development

In 1986, the Solomons acquired both the Strand Theatre and Leighton’s Haberdashers and Clothiers properties with intentions to construct a 40-story tower on the combined sites, as part of multiple projects transforming Times Square at that time. The New York City Planning Commission (CPC) proposed regulations mandating vibrant signage and significant setbacks for new constructions in northern Times Square. David Solomon opposed these rules, contending they restricted architectural creativity. Leighton’s store ceased operations in December 1986 to allow site clearance. To maximize building area, Solomon Equities also purchased unused air rights from the Barrymore Theatre, targeting a total floor space of approximately 1.2 million square feet.

Structural engineer Irwin Cantor presented two options for the building’s framework: a tubular structural system and a megastructure approach. By mid-1987, Morgan Stanley was in discussions to occupy space but ultimately declined due to concerns about illuminated signage visible from their windows. Despite this setback and an increasing office vacancy rate citywide, the Solomons continued development plans. Demolition commenced around mid-1987. In September of that year, the CPC required large projects in Times Square to dedicate roughly five percent of their area to entertainment-related uses such as broadcast studios or retail outlets; accordingly, 1585 Broadway incorporated retail frontage along Broadway. The ordinance also mandated prominent signage facing Times Square, leading to alterations in design.

After the market crash known as Black Monday in 1987 caused a sharp downturn in New York’s office sector, recovery began by 1988. That August, law firm Proskauer Rose signed a lease for 426,000 square feet at 1585 Broadway, attracted by competitive rents and updated building systems. During this period, several legal firms relocated their offices to Times Square as developers like Solomon Equities offered substantial incentives. In 1989, Solomon Equities attempted but failed to secure leases with Chemical Bank and News Corporation for space at both 1585 Broadway and 750 Seventh Avenue; negotiations with News Corp ended mid-year due to rent disagreements and were ultimately terminated in 1990 amid rising interest rates. To promote its Times Square assets effectively, Solomon Equities engaged Lois Pitts as their leasing agent in 1988.

Challenges faced

Completed in 1990, 1585 Broadway was constructed at a cost of $300 million, coinciding with the early 1990s economic downturn. During this period, Manhattan experienced a 14.5 percent vacancy rate in office spaces. Moreover, nearly 9 million square feet of office developments in western Midtown from the 1980s were only half occupied. By March 1990, developers David and Jean Solomon had secured no tenants apart from Proskauer Rose for their Times Square properties, including one at 712 Fifth Avenue, which remained largely vacant. Proskauer Rose leased 11 out of the building’s 42 floors at 1585 Broadway, occupying approximately 365,000 square feet, while about 944,400 square feet were still available by mid-1990. Because occupancy was below fifty percent, the Solomons were not obligated to activate exterior signage. The building also benefited from a city tax break under New York City's Industrial and Commercial Incentive Program, which lowered its tax liability by several million dollars.

A financing group consisting of Swiss Bank Corporation, Bank of Montreal, and Toronto-Dominion Bank extended a first mortgage of $320 million, with Swiss Bank additionally providing a $50 million subordinated loan. Other liabilities included $40 million owed to European American Bank (EAB) and $17.5 million to Commercial Bank of Kuwait. Financial difficulties emerged in September 1990 when the Solomons failed to make a $46.425 million payment to first-mortgage lenders and subsequently defaulted on interest payments. By early 1991, mounting debts led Consolidated Edison to discontinue heating services. Despite being in default by February, lenders were initially unable to enforce claims. However, EAB successfully sued the Solomons in June 1991 for nonpayment on loans, while multiple contractors filed mechanics’ liens during that year.

Proskauer Rose withheld rent payments for two years due to unmet commitments involving $25 million worth of building improvements specified in a work letter that allowed rent abatement until October 1991. The law firm cited problems such as malfunctioning elevators, an incomplete facade, defective mechanical systems, and unstaffed driveways. They covered utility and security expenses directly and deducted these amounts from rent obligations. By December 1991, as debt escalated to $340 million, Bank of Montreal and Toronto-Dominion Bank contemplated foreclosure.

Chapter 11 bankruptcy

At the close of December 1991, Solomon Equities filed for Chapter 11 bankruptcy protection for 1585 Broadway after failing to secure any tenants over three years.[1] Throughout this time frame, Proskauer Rose remained the sole occupant but did not remit rent.[2] The property’s liabilities stood at $482 million against assets valued at $231 million while incurring monthly losses of $1.9 million.[3][1] The Chapter 11 filing halted foreclosure actions,[2] and David Solomon received relief from $3.4 million in property taxes.[4] Proskauer Rose initiated legal action against the Solomons and eight lending banks for failing to complete construction; settlement discussions were underway by April 1992.[5]

Disagreements among lenders over restructuring terms discouraged more than five prospective tenants.[6] They arranged to sell the property to Primerica Corporation, which intended to move Smith Barney into the building.[7][8][9] Nevertheless, Primerica’s acquisition of Shearson followed by layoffs negated the need for additional space.[10] The Internal Revenue Service also refrained from leasing due to the bankruptcy status.[11] Contentious negotiations among lenders further deterred Mastercard, which had shortlisted the building for its Manhattan headquarters in late 1992.[12]

In 1993, Hines Interests Limited Partnership was appointed by lenders to manage the property.[13][9] A reorganization plan received bankruptcy court approval in March that year. Lenders aimed to find a buyer for the entire structure but restricted viewings primarily to large tenants despite Solomon’s attempts to negotiate with smaller prospects.[14] They established an asking price of $150 million—significantly below the $400 million debt yet steep for speculative investors—with a sales deadline prior to exiting Chapter 11 in September 1993. Potential bidders included Reliance National Insurance Company (targeting ), Morgan Stanley, Quantum Fund, Milstein Properties, and Odyssey Partners, all submitting sealed offers exceeding $150 million.[15][16][17]

1990s

In August 1993, Morgan Stanley purchased 1585 Broadway from lenders for $176 million, approximately half the expense of constructing a new building. David Solomon remarked on the "bittersweet irony" since Morgan Stanley had initially negotiated for space during the tower’s development phase. At that time, the company employed 4,590 staff members in Manhattan, having recently added 400 new positions. Although Morgan Stanley had contemplated relocating to Connecticut, it chose to remain in New York after obtaining $40 million in tax incentives. Cushman and Wakefield emphasized this acquisition as a demonstration of financial institutions’ dedication to New York City, symbolizing a wider revitalization of Times Square initiated by Bertelsmann’s purchase of 1540 Broadway. This transaction reflected the financial industry’s growth beyond Wall Street and the Financial District, establishing Times Square as a feasible location for office tenants outside the entertainment sector.

The building at 1585 Broadway offered spaces suitable for trading floors and was equipped with a powerful electrical infrastructure to support high workstation energy demands. Morgan Stanley valued its column-free floor plans and intended to allocate floors two through six to commodities, equities, fixed income, and foreign exchange departments. Despite acquiring this property, the firm still required approximately additional space, leading to further acquisitions such as 750 Seventh Avenue in 1994 and development projects at 745 Seventh Avenue nearby. The company agreed to signage obligations on 1585 Broadway’s exterior once occupancy surpassed 50%, considering the discounted rental terms more advantageous than the signage commitments. Gwathmey Siegel Architects undertook renovations between 1994 and 1995, which included installing exterior signage, creating a basement dining area, establishing an executive suite, and fitting four floors with 2,000 trading desks. Morgan Stanley benefited from a $100 million tax exemption related to its purchases of both 1585 Broadway and 750 Seventh Avenue.

Relocation from 1251 Avenue of the Americas to 1585 Broadway commenced in mid-1995. Ground-level retail spaces were soon leased by tenants such as Sunglass Hut and Starbucks. Smaller occupants included the Doris Duke charitable foundation. Proskauer Rose held a long-term lease and invested $4 million in technological enhancements in 1996. Together with Morgan Stanley, these entities were the primary office occupants of the building. After acquiring Dean Witter Financial Services in 1997, Morgan Stanley incorporated 1585 Broadway into its "midtown urban campus." In 1998, Brennan Beer Gorman Monk designed an information kiosk for Morgan Stanley Dean Witter within a storefront—an eight-foot suspended cube featuring eighteen screens and a ticker display.

2000s

In 2000, Proskauer Rose expanded its footprint on the nineteenth floor by adding seven conference rooms and forty-nine offices while relocating its law library to the sub-basement level. Following the September 11 attacks in 2001, Morgan Stanley dispersed employees from its Times Square "campus" to reduce risks associated with concentrating personnel at one site. The firm divested from the nearby 745 Seventh Avenue and subleased several other office spaces before purchasing the former Texaco Headquarters in White Plains to decentralize operations further. For security reasons, access to the lobby of 1585 Broadway was restricted despite its designation as a privately owned public space.

To bolster protection against vehicle-based threats, Morgan Stanley installed planters outside the building in 2004. Beginning in 2005, the company initiated nightly shutdowns of building lights to minimize collisions involving migratory birds. However, these planters were removed in 2006 after the New York City Police Department determined they were ineffective and impeded pedestrian traffic flow. That same year, Morgan Stanley acquired property at 522 Fifth Avenue to accommodate its private wealth management and investment management teams, reflecting strategic expansion amid growing demand for Midtown office space.

2010s to present

Upon the expiration of Proskauer Rose's lease at 1585 Broadway in 2010, the firm opted to move to nearby 11 Times Square instead of renewing their tenancy. Morgan Stanley intended to occupy the space left vacant by Proskauer Rose.[18] Conflicts arose between the two tenants, as Proskauer Rose leased a smaller segment of the building while Morgan Stanley established its headquarters there.[19] Although Morgan Stanley maintained its banking and trading operations at 1585 Broadway, it also operated from several other Manhattan sites, including 1 New York Plaza, 85 Broad Street, 750 Seventh Avenue, and 1221 Avenue of the Americas.[20] Retail spaces on the ground floor were leased to businesses such as Skagen and Fossil Group.[21][22]

Throughout the mid-2010s, Morgan Stanley undertook a phased renovation of 1585 Broadway, upgrading one floor at a time.[23][24] The building’s exterior signage was updated in 2015,[25] and in 2016, a fuel cell system was installed.[26]

By early 2017, Morgan Stanley explored relocating to the Hudson Yards development and evaluated alternative office locations within Manhattan. The company stipulated that any prospective landlord leasing new space must also acquire both 1585 Broadway and 522 Fifth Avenue.[27][28] While Morgan Stanley sold 522 Fifth Avenue in 2020,[29] it retained ownership of 1585 Broadway throughout the COVID-19 pandemic period when many companies were divesting or subleasing their premises.[30][31]

In the mid-2020s, the building's lower facade underwent refurbishment guided by a design from Gensler.[32]

Reception

Architectural critic Robert A. M. Stern commended the facade of 1585 Broadway as "a refreshing contrast to the stone-clad Postmodern towers of the 1980s," resulting in multiple honors. The New York Times columnist Paul Goldberger remarked on the building’s "authentic facade designed to maintain its presence independently," even when no tenants had signage displayed, dubbing it the "best nearly empty building of the year" in 1991. In 1992, Herbert Muschamp characterized it as "a square guardian clad in formal gray, sternly observing the unruly activities below on the street." Ada Louise Huxtable described it as "a striking event," emphasizing its sleek modernist curtain wall enriched with subtle complexity. The Wall Street Journal writer Eve M. Kahn referred to it as a "water-green, restrained corporate monolith."

Following renovation efforts, Stanley Abercrombie wrote in Interior Design (1996) that above its signage level, the tower exhibited a "cool, symmetrical shaft" embodying "quiet dignity." He lauded Gwathmey Siegel for skillfully blending intricate requirements into a unified architectural and interior design vision. When 3 Times Square was completed in 1998, Muschamp observed that prior to this project’s construction, 1585 Broadway had been the sole new edifice in Times Square to boldly diverge from traditional commercial architectural styles.

See also

Sources

External links

  1. ↑ 1.0 1.1 Cite error: Invalid <ref> tag; no text was provided for refs named nyt-1991-12-31
  2. ↑ 2.0 2.1 Cite error: Invalid <ref> tag; no text was provided for refs named nyt-1992-01-19
  3. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named p292938053
  4. ↑ Feiden, Douglas. "N.Y. to Go After Assets of Top Tax Delinquents," Crain's New York Business, March 2, 1992.
  5. ↑ Dunlap, David W., "Manhattan Skyscraper Agreement," The New York Times, April 23, 1992.
  6. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named p219127197
  7. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named nyt-1993-05-02
  8. ↑ Wall Street Journal, March 29, 1993.
  9. ↑ 9.0 9.1 Cite error: Invalid <ref> tag; no text was provided for refs named p2191752692
  10. ↑ Henry, David. "The Corporate Urge to Merge Brings With It the Need to Purge," Newsday, April 19, 1993.
  11. ↑ Grant, Peter. "Recession Makes Strange Bedfellows: IRS Move Boosts Durst Site on 6th," Crain's New York Business, October 5, 1992.
  12. ↑ Deutsch, Claudia H. "Commercial Property: Looking for the Right Space; Why Mastercard Stayed in Manhattan," The New York Times, June 20, 1993.
  13. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named p398337051
  14. ↑ The New York Times, May 2, 1993.
  15. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named nyt-1993-08-12
  16. ↑ Henry, David. "Buying Big-Time Has Skyscraper Market Hit Bottom?" Newsday, August 19, 1993.
  17. ↑ Deutsch, Claudia H. "Commercial Property: Auctions; An Old Way of Selling Takes on New Respectability," The New York Times, August 29, 1993.
  18. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named p312852506
  19. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  20. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Merced2010
  21. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named trd-2019-03-13
  22. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  23. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named wsj-2017-02-10
  24. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named trd-2017-02-10
  25. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Hylton h940
  26. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
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  31. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  32. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named YIMBY t818
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