In 2005, TPG was hired by SL Green in partnership with Wharton Properties to investigate the development options for lots 26 and 27 on the Northwest corner of 46th Street and Broadway. The building is located in the heart of New York City’s Times Square The intent was for us to develop a real estate strategy that would result in a high-yield leasing opportunity for the site. TPG helped to create a program, signage strategy, and building that would result in the highest leasing profitability potential.
Our team designed a 3-story, 32,000 square foot glass box with a 250-foot high signage tower supporting 15,000 square feet of LED signage panels. The building’s anchor tenant is American Eagle Outfitters, a big-box retailer that occupies all 3 floors. Some of the construction administration challenges included an exceptionally small site, a highly congested tourist area, adjacency to an occupied theater with an easement space within the new building, subway line monitoring and DOT requirements, as well as extraordinary power requirements for LED signage.