is the headquarters of Morgan Stanley
, on the west side of Broadway, north of Duffy Square
in Midtown Manhattan.
Even before 1585 Broadway
began to rise over Duffy Square
, its developer, David S. Solomon, had signed law firm Proskauer Rose
to a 20-year lease for 365,000 square feet (33,900 square meters). A notable achievement at any time, the deal was a milestone in a market where a growing number of new buildings were competing heavily for a shrinking number of tenants.
The original developer filed for bankruptcy
the previous year leaving unfinished building construction, stalled leasing, and strained tenant relationships. After the bank group gained control of the asset through the bankruptcy process, Hines took over the on site property and construction management as well as the marketing, leasing and disposition activities.
In 1992, Hines was hired as asset manager and advisor to a consortium of banks which held the mortgage to 1585 Broadway, a 42-story, 1.3 million square-foot (121,000 square-meter) office tower located in New York City's Times Square
The building is featured in the movie Down to Earth
as the skyscraper from which a failing businessman jumps to his death.Morgan Stanley
bought the building for $176 million in August 1993 and moved in two years later.