Portal:New York City/Selected article/38

One Times Square, also known as 1475 Broadway, the New York Times Building, the New York Times Tower, or simply as the Times Tower, is a 25 story, 395-foot (120-metre)-high skyscraper, designed by Cyrus L. W. Eidlitz (HLW International), located at 42nd Street and Broadway in New York City. The tower was originally built to serve as the headquarters of the local newspaper, The New York Times (which also gave its name to the area as a whole, known as Times Square); however, the Times only stayed in the building for less than 10 years before it moved to a new building on 229 West 43rd Street.

Despite the Times leaving the building, One Times Square remained a major focal point of Times Square due to its annual New Year's Eve "ball drop" festivities (the ball itself has remained atop the tower year-round since 2009), and the introduction of an electronic news ticker at street-level in 1928. Following its sale to Lehman Brothers in 1995, One Times Square was re-purposed as an advertising location to take advantage of its prime location within the square. Most of the building's interior remains vacant (aside from its only major tenant, a Walgreens pharmacy which occupies its lower levels), while its exterior features a large number of traditional and electronic billboards. Due to the large amount of revenue that its ads pull, One Times Square is considered one of the most valuable advertising locations in the world.