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{{good article}}{{Short description|Office skyscraper in Manhattan, New York}}{{Distinguish|text=World-Wide Plaza at World-Wide House in Hong Kong}}{{Use mdy dates|date=July 2022}}

factoids

| start_date = November 12, 1986| topped_out_date = May 20, 1988| completion_date = June 1989| architect = David Childs of Skidmore, Owings and Merrill| owner = New York REIT| cost =1,706,187|sqft}}| floor_count = 50| building_type = Office buildingPostmodern architecture>Postmodernism778|ft}}| elevator_count =| structural_engineer=| main_contractor = HRH Construction| developer = William Zeckendorf Jr.| management =}}One Worldwide Plaza is the largest tower of Worldwide Plaza, a three-building commercial and residential complex in the Hell's Kitchen neighborhood of Manhattan in New York City. Designed by David Childs of Skidmore, Owings & Merrill (SOM), One Worldwide Plaza is an office building measuring {{convert|778|ft|m}} tall, with an alternative address of 825 Eighth Avenue. It is the easternmost building in the Worldwide Plaza complex, which occupies the entire city block bounded by Eighth Avenue, Ninth Avenue, 49th Street, and 50th Street and is built on the site of New York City's third Madison Square Garden. Adjacent to One Worldwide Plaza to the west are a public plaza and two residential buildings.The classically inspired building contains a three-story granite base, a brick midsection with setbacks, and a pyramidal copper roof with a glass lantern. Inside, there are storefronts and entrances to the New York City Subway's 50th Street station, while three double-height lobbies lead to different sets of office floors.Worldwide Plaza was developed in the late 1980s by a syndicate led by William Zeckendorf Jr. Upon opening, One Worldwide Plaza was nearly fully occupied, with two anchor tenants: advertising agency Ogilvy & Mather and law firm Cravath, Swaine & Moore. During the mid-1990s, the office space was leased at a very low price. The Blackstone Group acquired the complex in 1996 and sold it to Equity Office Properties in 1998. When Blackstone took over Equity Office in 2007, it sold the office building to Harry Macklowe, who lost the building to foreclosure. George Comfort and Sons took over One Worldwide Plaza in 2009. American Realty Capital New York bought a controlling ownership stake in 2017, selling off a non-controlling stake to RXR Realty and SL Green Realty.

Site

One Worldwide Plaza is part of Worldwide Plaza, which occupies the entire city block bounded by Eighth Avenue, Ninth Avenue, 49th Street, and 50th Street in the Hell's Kitchen neighborhood of Manhattan in New York City. Worldwide Plaza was developed in the late 1980s by a syndicate led by William Zeckendorf Jr.{{harvnb|Stern|Fishman|Tilove|2006|ps=.|p=461}} One Worldwide Plaza, the easternmost structure in the complex, was designed by David Childs of Skidmore, Owings & Merrill (SOM).MAGAZINE, Grant, Peter, April 3, 1989, Contrary Designs Face Off on W. Side, Crain's New York Business, 5, 14, 15, {{ProQuest, 219129382, }} To the west are two residential buildings, Two and Three Worldwide Plaza, designed by Frank Williams;WEB, Worldwide Plaza,weblink live,weblink" title="web.archive.org/web/20160304125443weblink">weblink March 4, 2016, March 8, 2013, Frank Williams & Partners Architects LLP, {{harvnb|Reynolds|1994|ps=.|p=184}} they are respectively composed of a 39-story tower and a series of five- and six-story-tall townhouses. In addition, the complex contains {{convert|57000|ft2}} of retail space, as well as theaters and a garage.{{harvnb|Reynolds|1994|ps=.|pp=184–185}} According to Zeckendorf, Worldwide Plaza was intended to be "a self-contained community and also a destination point for other people in the city".NEWS, Peterson, Iver, January 29, 1989, Eighth Avenue Goes From Grit to Glitter, en-US, The New York Times,weblink live, July 3, 2022,weblink May 1, 2021, 0362-4331, The Worldwide Plaza complex is built on the site of New York City's third Madison Square Garden (MSG). Following the opening of the current Madison Square Garden arena at 34th Street, the former arena was closed in 1968 and demolished.NEWS, Schumach, Murray, February 14, 1968, Next and Last Attraction at Old Madison Square Garden to Be Wreckers' Ball, en-US, The New York Times,weblink July 6, 2022, 0362-4331, May 11, 2022,weblink live, By the 1980s, the surrounding area consisted mostly of lower-income tenements and small retail buildings, and The New York Times described the area as "a neighborhood best known for pornography and cheap bars".NEWS, Quint, Michael, January 19, 1989, How Zeckendorf Filled a Tower, The New York Times,weblink April 25, 2020, 0362-4331, August 28, 2021,weblink live,

Architecture

One Worldwide Plaza is a 50-story{{efn|{{harvnb|Reynolds|1994|p=184}}, cited One Worldwide Plaza as containing 49 stories.}} office skyscraper measuring {{convert|778|ft|m}} high, with a pyramidal roof at its top.MAGAZINE, Salinas, Mike, May 17, 2001, Edifice wrecks, Back Stage, 42, 19, 5, {{ProQuest, 221062697, }}BOOK, Stichweh, Dirk, New York Skyscrapers, Prestel Publishing, 2016, 978-3-7913-8226-5, 179, 923852487, Several architectural details of One Worldwide Plaza were inspired by early-1930s classical designs, specifically the Art Deco style.BOOK, Nash, Eric, Manhattan Skyscrapers, Princeton Architectural Press, 2005, 978-1-56898-652-4, 155, 407907000, The building is divided horizontally into three sections: a base, shaft, and capital.{{harvnb|Kalayjian|1996|pp=70–71|ps=.}} The materials used in its construction were sourced from a variety of locations. The brick was manufactured by Glen-GeryNEWS, Hershey, Robert D. Jr., April 6, 1991, Brick Maker's Upturn Spurs Hope, en-US, The New York Times,weblink July 5, 2022, 0362-4331, May 25, 2015,weblink" title="web.archive.org/web/20150525223630weblink">weblink live, {{harvnb|Sabbagh|1990|pp=176–177|ps=.}} at a factory in Pennsylvania,{{harvnb|Kalayjian|1996|p=77|ps=.}}{{harvnb|Sabbagh|1990|p=223|ps=.}} while the windows were made in Wisconsin.{{harvnb|Sabbagh|1990|p=202|ps=.}} By contrast, the roofing and precast concrete were made in Canada,{{harvnb|Sabbagh|1990|p=332|ps=.}} the structural steel was bought in Luxembourg,{{harvnb|Sabbagh|1990|p=116|ps=.}} and the project used Brazilian granite and Italian marble. HRH Construction was the building's general construction contractor.{{harvnb|Sabbagh|1990|p=70|ps=.}}{{harvnb|Kalayjian|1996|p=78|ps=.}}Including the residential buildings, the complex was to cover {{convert|2|e6ft2}}, more than the maximum size allowed without zoning bonuses. Under normal zoning regulations, the maximum floor area ratio (FAR) for any building on Worldwide Plaza's site was 10, but the developers received two bonuses of 2 FAR each, bringing the FAR to 14.{{harvnb|Kalayjian|1996|p=66|ps=.}} The developers added a midblock plaza for the first bonus and renovated the adjacent 50th Street station for the second bonus.

Facade

(File:W 49th St 8th Av 08 - One Worldwide Plaza.jpg|thumb|The facade as seen from street level)The base of the building is three stories tall and is designed to relate to the neighboring residential buildings.{{Harvnb|Monacelli Press|2009|p=97|ps=.}} It is clad with gray-purple granite and contains outwardly curved entrances on all four sides.{{Harvnb|Monacelli Press|2009|p=94|ps=.}} These curved sections contain Renaissance-inspired colonnades with granite pilasters, behind which is an oval passageway with a vaulted ceiling.{{harvnb|Stern|Fishman|Tilove|2006|ps=.|pp=461–463}} The building's two original anchor tenants, advertising agency Ogilvy & Mather and law firm Cravath, Swaine & Moore, had their own entrances. This was because Ogilvy & Mather had requested a private entrance during the building's construction. Ogilvy & Mather's entrance faced 49th Street; Cravath, Swaine & Moore's entrance faced Eighth Avenue; and other tenants had an entrance facing west.NEWS, Kennedy, Shawn G., August 5, 1990, Elegant Lobbies to Lure Office Tenants, en-US, The New York Times,weblink July 5, 2022, 0362-4331, February 14, 2022,weblink live, The entrance on the northern elevation, facing 50th Street, is used for retail rather than as an office lobby.The rest of the facade is made largely of brick and is designed in a manner reminiscent of the Gothic Revival style. Glen-Gery was hired to manufacture the brick because it was one of the few contractors capable of manufacturing the tinted brick that the developers wanted. The main section of the building is clad with maize-colored brick, but the windows at the center of each elevation are emphasized by vertical strips of rust-colored brick. The facade originally contained single-paned windows, which gave the effect of a flat facade. The building contains several setbacks, which are decorated with white brick that is designed to evoke the appearance of stone. The building's shallow setbacks give it a much larger floor area than older Art Deco skyscrapers in New York City, which had deeper setbacks and consequently less interior space.The tower is topped by a pyramidal copper roof with round dormer windows. The pyramid has eight sides and measures {{Convert|150|ft}} tall. The design of the roof was inspired by the pyramidal roofs of several other New York City office buildings in the early 20th century, such as the New York Life Building and the Helmsley Building. The building is crowned by a pyramidal glass lantern.{{harvnb|Bluestone|1992|p=44|ps=.}}

Interior

Childs constructed three lobbies at One Worldwide Plaza, each with a separate entrance. Each lobby was originally decorated with Fiore di Pesco marble.{{harvnb|Sabbagh|1990|p=156|ps=.}} There are storefronts along the ground-level colonnade adjacent to the three lobbies, as well as on both levels of each lobby. In addition, there are restrooms along the western side of the arcade. The two-story-high lobby on Eighth Avenue was used by Cravath, Swaine & Moore, which installed security checkpoints on both levels of the lobby, reducing the amount of retail space there. On each side, visitors had to take an escalator from ground level to the upper lobby, where they could access the elevators.{{harvnb|Sabbagh|1990|p=157|ps=.}} Each lobby had access to a bank of elevators. There are four elevator banks in total, comprising 22 passenger elevators and two truck elevators.WEB, One Worldwide Plaza,weblink July 20, 2022, RXR, July 7, 2022,weblink live, The building's base also contained a day-care center sponsored by Cravath, Swaine & Moore for its employees' children.NEWS, Margolick, David, June 23, 1989, The Law; At the Bar, en-US, The New York Times,weblink July 5, 2022, 0362-4331, July 8, 2022,weblink live, NEWS, Mendels, Pamela, July 1, 1992, Chase Provides Backup Plan for Parents, 49, 50, Newsday,weblink July 5, 2022, July 8, 2022,weblink live, Northwest of the lobbies is a truck elevator on 50th Street.The building contains a steel superstructure weighing {{convert|19000|ST|LT t}}. Each floor slab is made of concrete, which is poured onto a metal deck.{{harvnb|Kalayjian|1996|p=71|ps=.}} The floor slabs measure {{convert|165|by|165|ft}}.{{harvnb|Stern|Fishman|Tilove|2006|ps=.|p=463}} The maximum structural load on each column was {{convert|2000|ST|LT t}} on average. These loads were carried down into the concrete spread footings at the building's foundation.{{harvnb|Sabbagh|1990|p=103|ps=.}} The superstructure was stiffened by moment frames at the building's perimeter, which were braced to the elevator core. Concrete masonry units were then installed around the outermost beams of the superstructure, providing waterproofing.One Worldwide Plaza contains {{convert|1.5|e6ft2}} of office space. The upper stories each have {{convert|20000|to|72000|ft2}} of rentable space. Each story has an open plan, and the slab-to-slab height of each story is {{convert|13|ft}}. The restrooms, staircases, and elevators are clustered near the building's core. The banks of elevators taper off at higher levels. For example, the 21st and 28th stories have space for three banks of elevators, although only two elevator banks serve these levels.{{Harvnb|Monacelli Press|2009|p=96|ps=.}} Cravath, Swaine & Moore originally occupied the 38th to 49th stories. The New York Times described the offices as using {{convert|50|ST|LT t}} of marble and {{convert|1285000|ft2}} of mahogany.

Other features

Public plaza

A mid-block public plaza separates One Worldwide Plaza from Two and Three Worldwide Plaza. The New York City Department of City Planning (DCP) had approved the construction and maintenance of the public plaza in exchange for additional floors in the office tower.NEWS, Lee, Denny, June 30, 2002, Neighborhood Report: New York Plazas; Residents Complain As a Plaza Contracts, en-US, The New York Times,weblink July 6, 2022, 0362-4331, July 8, 2022,weblink live, The plaza originally covered {{convert|26800|ft2}}, but its owner reduced the plaza's size by 10 percent in 2002 as part of a lawsuit settlement. During the summer, the plaza hosts the Worldwide Plaza Summer Concert Series.WEB, September 15, 2016, Free Music in Midtown Manhattan – New York Public Media,weblink July 6, 2022, THIRTEEN – New York Public Media, August 11, 2020,weblink live, Jerold S. Kayden wrote of the buildings' plaza: "Its half-acre size, numerous movable chairs, comfortable ledge seating, food service at north and south ends, decorative water fountain, and landscaping of trees and shrubs render it highly functional for the diverse audience."The landscaping of the plaza includes over 40 trees, numerous plantings, and seating. The plaza also contains a fountain called The Seasons,BOOK, Mather, F.J., Valentiner, W.R., Sherman, F.F., Art in America, F.F. Sherman, v. 79, 1991,weblink 39, August 18, 2023, August 28, 2023,weblink live, which was designed by sculptor Sidney Simon.NEWS, Dobrzynski, Judith H., August 8, 1997, Sidney Simon, Sculptor, 80; Founded School, en-US, The New York Times,weblink April 25, 2020, 0362-4331, March 4, 2016,weblink" title="web.archive.org/web/20160304002404weblink">weblink live, BOOK, American Academy of Arts and Letters, Proceedings of the American Academy of Arts and Letters and the National Institute of Arts and Letters, American Academy of Arts and Letters, v. 1–2: American Academy of Arts and Letters. Publication no. 1, 4, 1996, 978-0-915974-42-9,weblink 15, August 18, 2023, August 18, 2023,weblink live, Four bronze statues of standing nude women, each representing a season, hold up a globe. Below the globe are four fountains, each carved in the shape of a man's head.WEB, Kayden, Jerold S., 825 Eighth Avenue, Privately Owned Public Space (APOPS), June 11, 2018,weblink July 13, 2022, July 13, 2022,weblink live,

Amenities

The complex also has a health club measuring {{convert|35000|ft2}}.NEWS, Oser, Alan S., May 22, 1988, Perspectives: Clinton Housing; Shaping Four Acres in Mid-Manhattan, en-US, The New York Times,weblink live, July 4, 2022,weblink" title="web.archive.org/web/20180130111237weblink">weblink January 30, 2018, 0362-4331, The health club was originally operated by Bally Health and Tennis.NEWS, Kennedy, Shawn G., August 17, 1988, Real Estate; Manhattan's Health Clubs Squeezed In, en-US, The New York Times,weblink July 4, 2022, 0362-4331, May 25, 2015,weblink" title="web.archive.org/web/20150525090131weblink">weblink live, Beneath the plaza is a 450-spot parking garage with 450 or 473 parking spaces.Beneath the public plaza, there was originally a multiplex cinema with six screens,NEWS, Kennedy, Shawn G., July 5, 1989, Real Estate; A Movie House Boom In Manhattan, en-US, The New York Times,weblink July 5, 2022, 0362-4331, December 20, 2017,weblink" title="web.archive.org/web/20171220195218weblink">weblink live, operated by the Cineplex Odeon Corporation.NEWS, Dunlap, David W., October 9, 1986, Changes, en-US, The New York Times,weblink July 3, 2022, 0362-4331, February 21, 2022,weblink live, The multiplex's lobby was just below ground level, while the auditoriums themselves were in the second basement level. The cinema operated until 2001 and was converted into New World Stages, a complex of five Off-Broadway theaters, in 2004.NEWS, Grimes, William, October 22, 2004, A Cineplex Beaten Into a Theaterplex, en-US, The New York Times,weblink July 6, 2022, 0362-4331, March 23, 2021,weblink live, {{harvnb|Webber|2004|p=36|ps=.}} The multiplex was completely reconstructed as part of that project.{{harvnb|Webber|2004|p=37|ps=.}} The modern theatrical complex contains a double-level lobby, accessed by escalators from 50th Street.

Subway entrance

File:50 Street escalator vc.jpg|thumb|upright|Escalator to the complex from the platform of the 50th Street station]]One Worldwide Plaza's basement contains two entrances to the southbound platform of the 50th Street station of the New York City Subway, served by the {{NYCS trains|Eighth south local header}}.NEWS, Polsky, Carol, March 9, 1987, Builders' Bonus Draws New Fire; Critics Say Developer 'Abused' City Policy, 9, Newsday, {{ProQuest, 285356126, }} There is an elevator entrance on 49th Street and an escalator entrance on 50th Street. The entrances were built in exchange for {{convert|162000|ft2}} of additional space. They contain a mezzanine, escalators, elevators, and stairs. The Zeckendorfs also commissioned artist Matt Mullican to create an etched-granite mural for the station, which cost $150,000.NEWS, Shepard, Joan, October 25, 1989, Besides bums, there's new art underground, 670, Daily News,weblink July 5, 2022, July 8, 2022,weblink live, {{efn-lr|The cost of the mural is equivalent to ${{inflation|index=US|value=150000|start_year=1989|fmt=c|r=-3}} in {{Inflation year|US}}.{{inflation/fn|index=US|group=lower-alpha}}}} The mural, measuring {{convert|70|ft}} tall, contains black relief panels depicting the site's history.NEWS, November 6, 1989, Transit Agency Creates Art Havens in Subways, en-US, The New York Times,weblink July 4, 2022, 0362-4331, June 29, 2018,weblink live, A closed stairway on 49th Street was also refurbished as part of the project.

History

Early proposals

After the third Madison Square Garden was demolished in 1968, the site was operated as a parking lot for nearly two decades.NEWS, Anderson, Susan Heller, Dunlap, David W., January 29, 1985, New York Day by Day; Plans for Site of Old Garden, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, NEWS, Perretti, Chris, November 13, 1986, Housing, commercial project is started, 140, Daily News,weblink July 3, 2022, July 8, 2022,weblink live, Several proposals for redeveloping the site had all failed due to a lack of funding.NEWS, Horsley, Carter B., April 15, 1979, Eighth Ave. Heading For Better Times, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, In 1966, a "Cinema City" with two office towers, two Broadway theaters, four movie theaters, and several film and recording studios was proposed for the site.NEWS, Ennis, Thomas W., March 8, 1966, Cinema City Planned for Old Garden Site; $50-Million Complex Would Have Studios and 6 Theaters, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, NEWS, March 8, 1966, Cinema City to Replace the Garden, 17, Press and Sun-Bulletin,weblink July 3, 2022, July 3, 2022,weblink live, Three years later, New York City Center proposed developing a four-theater complex, a film production center, and a new home for the American Film Institute on the site.NEWS, Taubman, Howard, March 28, 1969, City Center Unveils 8th Ave. Project, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, In 1973, Cushman & Wakefield and Skidmore, Owings & Merrill were hired to study the feasibility of constructing a large commercial showroom complex on the site similar to the Merchandise Mart in Chicago or AmericasMart in Atlanta. The complex would be topped by a tower.NEWS, Connolly, William G., March 18, 1973, Merchandise Mart Is Proposed For Old Garden Site on 49th St., en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, In December 1976, developers Frank Stanton and Victor Elmaleh of the World‐Wide Group proposed Hippodrome Park, an indoor amusement park that would cost $30 million.NEWS, Bird, David, December 14, 1976, Amusement Park Proposed for W. 50th St., The New York Times,weblink April 25, 2020, 0362-4331, August 28, 2021,weblink live, {{efn-lr|Equivalent to ${{inflation|index=US|value=30|start_year=1976|fmt=c}} million in {{Inflation year|US}}.{{inflation/fn|index=US|group=lower-alpha}}}} The name was a homage to the former New York Hippodrome.NEWS, Bird, David, January 25, 1977, Plan for 8th Ave. Amusement Park Is Formally Unveiled to the Public, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, The amusement park would have been designed by Randall Duell and would have included a variety of rides, restaurants, and films. The structure would have been enclosed in glass, which would have allowed the park to operate year-round; it would also have contained a 500-seat parking lot in the basement.NEWS, Mason, Bryant, January 25, 1977, Plan Indoor Fun Park in Midtown, 3, Daily News,weblink July 3, 2022, July 3, 2022,weblink live, The City of New York was supportive of the project as part of its initiative to clean up nearby Times Square.NEWS, Horsley, Carter B., July 17, 1977, Amusement Parks: Demand Strong, Space Scarce, The New York Times,weblink April 25, 2020, 0362-4331, August 28, 2021,weblink live, Ultimately, the developers chose not to spend $12 million on an option for the site.{{harvnb|Kalayjian|1996|p=65|ps=.}}{{efn-lr|Equivalent to ${{inflation|index=US|value=12|start_year=1976|fmt=c}} million in {{Inflation year|US}}.{{inflation/fn|index=US|group=lower-alpha}}}}Conglomerate Gulf and Western Industries acquired control of the site in 1977 as part of its acquisition of the Madison Square Garden Corporation.NEWS, Barbanel, Josh, October 30, 1980, Gulf and Western Develops Plans For Project on Site of Old Garden; Site Was Acquired in 1977, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, The company devised plans in 1980 for a mixed-use project on the site, including an office building on Eighth Avenue and apartments on Ninth Avenue, both designed by SOM. Its proposal called for a three-story retail podium supporting a 52-story office building and two 60-story apartment towers; the development would have contained a combined {{convert|2.3|e6ft2}}.NEWS, Gottlieb, Martin, November 26, 1985, Complex Planned For Old Madison Sq. Garden Site, The New York Times,weblink April 25, 2020, 0362-4331, August 28, 2021,weblink live, Gulf and Western operated the site as a parking lot in the meantime. The company had decided to sell the site by 1984, as its long term strategy did not include the redevelopment of the old Madison Square Garden.NEWS, December 13, 1984, G&W to Sell Site In Mid-Manhattan For $100 Million, 16, Wall Street Journal, 0099-9660, {{ProQuest, 134956371, }}

Development

File:Worldwide-plaza-facingeast-small.jpg|alt=Looking east across Ninth Avenue and 49th Street at 3 Worldwide Plaza in the foreground, with 1 and 2 Worldwide Plaza in the background|thumb|Looking east across Ninth Avenue and 49th Street in the foreground; 1 and 2 Worldwide Plaza are in the background]]Gulf and Western sold the site to a group led by William Zeckendorf Jr. in December 1984 for $100 million.NEWS, December 13, 1984, Old Garden Site Sold to Developers, The New York Times,weblink April 25, 2020, 0362-4331, August 28, 2021,weblink live, {{efn-lr|The sale price was equivalent to ${{inflation|index=US|value=100|start_year=1984|fmt=c}} million in {{Inflation year|US}}.{{inflation/fn|index=US|group=lower-alpha}}}} His partners in the project included Arthur G. Cohen, an independent real-estate investor; Victor Elmaleh and Frank Stanton, the principals of the World Wide Realty Corporation;NEWS, Selvin, Barbara, November 17, 1986, Worldwide Project Moving Midtown's Boundary West, 144, Newsday,weblink July 3, 2022, {{proQuest, 285395608, |archive-date=July 8, 2022 |archive-url=https://web.archive.org/web/20220708215045weblink |url-status=live}} and KG Land New York Corporation, a subsidiary of Japanese company Kumagai Gumi.NEWS, Gutis, Philip S., April 13, 1986, Prime Properties Lure Japanese Investors, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, NEWS, Guenther, Robert, January 8, 1986, Japanese Enter U.S. Markets And Outpace Other Foreigners, 1, Wall Street Journal, 0099-9660, {{ProQuest, 397933953, }} The group had to raise a $12.5 million letter of credit and finalize their sale within 18 months.{{efn-lr|Equivalent to ${{inflation|index=US|value=12.4|start_year=1984|fmt=c}} million in {{Inflation year|US}}.{{inflation/fn|index=US|group=lower-alpha}}}} Zeckendorf and his partners announced in January 1985 that they had selected SOM to design the new complex. Zeckendorf hoped that the development would improve the character of Hell's Kitchen and Eighth Avenue, similar to how the construction of Axa Equitable Center four blocks northeast was intended to improve Seventh Avenue.NEWS, Sherman, Mark, April 21, 1985, Midtown Zoning Begins to Reroute Development, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, NEWS, Selvin, Barbara, January 19, 1987, In Manhattan's Real Estate Market, Status is an Important Part of the Sell, 133, Newsday,weblink live, August 27, 2021,weblink August 27, 2021, It was one of several development projects planned within Hell's Kitchen,MAGAZINE, Trager, Cara S., March 31, 1986, City Aims to Polish Up Image of Clinton Area, Crain's New York Business, 2, 13, T18, {{ProQuest, 219168813, }}NEWS, November 16, 1986, The profits of boom, 56, 57, Daily News,weblink July 3, 2022, July 8, 2022,weblink live, which at the time was characterized by physical decay and high crime.{{harvnb|Reynolds|1994|ps=.|p=185}} Zeckendorf said of Hell's Kitchen: "Ten years from now people will look back and marvel at how bad this neighborhood was."NEWS, Lueck, Thomas J., September 1, 1988, Building Cranes Are Boffo on Broadway, en-US, The New York Times,weblink July 4, 2022, 0362-4331, May 25, 2015,weblink" title="web.archive.org/web/20150525080956weblink">weblink live,

Planning

SOM began designing the project in early 1985. The advertising agency Ogilvy & Mather, which was negotiating to lease a large amount of space in the building, was involved in the design.{{harvnb|Kalayjian|1996|p=70|ps=.}} Zeckendorf's syndicate announced in November 1985 that it would erect a mixed-use complex on the MSG site, costing $500 million.NEWS, November 26, 1985, Mixed-Use Development Is Planned for Manhattan, 1, Wall Street Journal, 0099-9660, {{ProQuest, 398039772, }}MAGAZINE, December 4, 1985, Personal Appearances: Old MSG Location to Be $500-mil Building Complex, Variety, 321, 6, 108, 110, {{ProQuest, 1438446363, }}{{efn-lr|The plans would have cost the equivalent of ${{inflation|index=US|value=500|start_year=1985|fmt=c}} million in {{Inflation year|US}}.{{inflation/fn|index=US|group=lower-alpha}}}} The complex would include a 45-story office building on Eighth Avenue, as well as a 38-story condominium tower and several 6- and 7-story residential buildings to the west. There would also be six underground movie theaters, a health club, and a 450-space parking garage. Ogilvy would occupy {{Convert|600000|ft2}} in the office building.NEWS, DePalma, Anthony, July 27, 1986, Building Offices Without a Prime Tenant, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, Ogilvy provided additional funds for the complex's constructionNEWS, Lippman, Barbara, February 21, 1986, Clinton fights project, 112, Daily News,weblink July 3, 2022, July 3, 2022,weblink live, {{harvnb|Kalayjian|1996|p=68|ps=.}} in exchange for a 17 percent equity stakeNEWS, Quint, Michael, January 19, 1989, Talking Deals; How Zeckendorf Filled a Tower, en-US, The New York Times,weblink July 4, 2022, 0362-4331, July 3, 2022,weblink live, and some of One Worldwide Plaza's income.NEWS, Berg, Eric N., February 16, 1988, commercial Tenants Offered Equity Stakes, en-US, The New York Times,weblink July 4, 2022, 0362-4331, January 30, 2018,weblink" title="web.archive.org/web/20180130163047weblink">weblink live, In addition, the complex would receive an eight-year, $60 million tax abatement. The developers obtained two zoning bonuses for the site by adding a midblock plaza and renovating the 50th Street station.Members of the local Manhattan Community Board 4 opposed Zeckendorf's project, citing the buildings' height and the lack of low- and moderate-income housing. Community members also raised concerns that the development would cause gentrification by pushing out lower-income tenants and family businesses. Some residents protested the project by requesting that Ogilvy & Mather withdraw from the project. Zeckendorf Company officials began negotiating with community board members "the day after" the board announced its opposition,NEWS, Gutis, Philip S., September 21, 1986, Community Boards Gaining in Power, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, and Zeckendorf announced in early 1986 that he would add affordable housing to the neighborhood.MAGAZINE, Sommerfield, Frank, November 17, 1986, Zeckendorf's Bargain, Crain's New York Business, 2, 46, 1, {{ProQuest, 219151841, }}NEWS, McQuiston, John T., May 1, 1986, Developer Alters Clinton Site Plan, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, He proposed renovating 132 apartments in other parts of the neighborhood, rather than adding these apartments to his new development.NEWS, Purnick, Joyce, July 19, 1986, Pact on Cable TV Is Reached; 2 Building Projects Are Voted, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 3, 2022,weblink live, NEWS, Weiss, Murray, July 21, 1986, $500M project is OKd for site of old Garden, 208, Daily News,weblink July 3, 2022, July 3, 2022,weblink live, Zeckendorf made six other modifications to the project to improve neighborhood residents' quality of life, including storefronts for local merchants, a day-care center, and job training.In July 1986, the New York City Board of Estimate approved Zeckendorf's development. Manhattan borough president David Dinkins, a supporter of the project,MAGAZINE, Breznick, Alan, Belsky, Gary, Townsend, Alair A, Grant, Peter, September 18, 1989, Business, After Koch, Crain's New York Business, 5, 38, 1, {{ProQuest, 219158088, }} said the developers could not sell 60 of the complex's luxury units until all of the affordable units had been sold. The developers had to acquire another 70 affordable units to provide enough affordable housing for the complex.NEWS, Adams, Anne L., September 14, 1986, Adams & Co., 101, 108, Daily News,weblink July 3, 2022, July 4, 2022,weblink live, They ultimately fulfilled this requirement by acquiring six buildings on the block to the south.NEWS, Ladd, Scott, August 5, 1987, Last Stand on 49th Street: Merchants Facing Eviction, 35, Newsday,weblink July 4, 2022, July 4, 2022,weblink live, That October, Gulf and Western finalized its sale of the site to the joint venture of Zeckendorf, Cohen, KG Land, and Worldwide Holdings Corp.NEWS, October 2, 1986, Gulf & Western Inc. Completes Sale of Site, 1, Wall Street Journal, 0099-9660, {{ProQuest, 397970738, }}MAGAZINE, October 8, 1986, Auditorium-Arena: Sale Of Old Garden Site Finished For $100-Mil, Variety, 321, 11, 149, {{ProQuest, 1438471943, }} Zeckendorf also leased the theatrical complex to the Cineplex Odeon Corporation.

Construction

File:Worldwide_Plaza.jpg|alt=Facade and main entrance to One Worldwide Plaza on 8th Avenue|thumb|Facade and main entrance on 8th Avenue ]]A groundbreaking ceremony for the complex was held on November 12, 1986.NEWS, Dougherty, Philip H., November 11, 1986, Advertising; Ground-Breaking Set For New Ogilvy Home, en-US, The New York Times,weblink July 3, 2022, 0362-4331, July 4, 2022,weblink live, That month, workers began excavating the site to 17 feet below grade; the excavation was completed by February 1987.{{harvnb|Kalayjian|1996|p=81|ps=.}} Newsday reported that the development of Worldwide Plaza would relocate the western boundary of Midtown Manhattan westward to Eighth Avenue. In June 1987, the Sonnenblick-Goldman Corporation secured a $545 million construction loanNEWS, Sudo, Philip T., June 12, 1987, New York Realty Firm Turns to Canadian Bank, 3, The American Banker, {{ProQuest, 292830313, }}{{efn-lr|The face value of the loan in 1987 would be equivalent to ${{inflation|index=US|value=545|start_year=1987|fmt=c}} million in {{Inflation year|US}}.{{inflation/fn|index=US|group=lower-alpha}}}} from a syndicate of 15 banks{{Efn|The bank group included Mitsubishi Bank, Hokkaido Takushoku Bank, the Long-Term Credit Bank of Japan, The Bank of Tokyo, Tokai Bank, Sanwa Bank, Taiyo Kobe Bank, Deutsche Bank, Swiss Bank Corporation, Canadian Imperial Bank of Commerce, Bank of Montreal, Manufacturers Hanover Corporation, Irving Trust, Chemical Bank, and Lincoln Savings Bank.}} in the United States, Japan, Canada, and Europe.NEWS,weblink Builder Goes Back to Banks, The New York Times, June 11, 1987, Scardino, Albert, 0362-4331, April 25, 2020, August 28, 2021,weblink live, The financing was one of the largest real estate loans in New York City history.NEWS, June 21, 1987, Realty Notes, 559, Daily News,weblink July 4, 2022, July 4, 2022,weblink live, In exchange for receiving the loan, the development group provided a letter of credit and personal guarantees worth $100 million.NEWS, Berg, Eric N., August 8, 1988, Lenders Force Builders To Put More Up Front, en-US, The New York Times,weblink July 4, 2022, 0362-4331, May 25, 2015,weblink" title="web.archive.org/web/20150525083206weblink">weblink live, {{efn-lr|Equivalent to ${{inflation|index=US|value=100|start_year=1987|fmt=c}} million in {{Inflation year|US}}.{{inflation/fn|index=US|group=lower-alpha}}}} The Wall Street Journal described the loan as part of a trend wherein "the mere mention of a Zeckendorf project had bankers falling over each other to offer financing".NEWS, Martinez, Barbara, March 21, 2000, Name Dropping: A Real-Estate King Sees a Legacy Unravel As Creditors Move In --- William Zeckendorf's Empire Once Was Grand; Now, He's Claiming Poverty --- A Break-In at the Delmonico, A1, Wall Street Journal, 0099-9660, {{ProQuest, 398706629, }}At the time of Worldwide Plaza's development, demand for office space in New York City had declined following Black Monday in 1987.NEWS, June 13, 1988, Mini-Glut in Offices Leads To Some Dealing, Freebies, 5, Newsday, {{ProQuest, 278011229, }}NEWS, August 10, 1988, Cravath Swaine Leases Space in New Building In Mid-Manhattan, 1, Wall Street Journal, 0099-9660, {{ProQuest, 398096637, }} The design of One Worldwide Plaza's basement and ground level was impacted by the location of the new subway entrances at the base. While the developers negotiated with the New York City Transit Authority (NYCTA) for a year and a half, contractors started pouring the foundations.{{harvnb|Sabbagh|1990|p=88|ps=.}} The concrete for the foundation was poured by April 1987, and work on the steel superstructure began the following month.The construction of the complex proceeded as scheduled until July 1987, when ironworkers went on strike for three weeks, delaying the project by approximately one month.{{harvnb|Sabbagh|1990|p=196|ps=.}}{{harvnb|Kalayjian|1996|p=79|ps=.}} By the end of 1987, it was taking longer than expected to install the stonework inside the lobby.{{harvnb|Kalayjian|1996|pp=79–80|ps=.}} Installation of the exterior masonry had fallen three months behind schedule and did not commence until February 1988. The stonework ultimately cost significantly more than HRH Construction's original estimate.{{harvnb|Sabbagh|1990|p=246|ps=.}}

Completion

One Worldwide Plaza was topped-out with a ceremony on May 20, 1988, in which ironworkers inscribed their names on a beam that was then lifted to the roof.MAGAZINE, Robinson, John V., Fall 2001, The "topping out" traditions of the high-steel ironworkers, 60, 4, 243–262, {{proQuest, 212099486, |magazine=Western Folklore}}{{harvnb|Sabbagh|1990|p=317|ps=.}} Work on the interior finishes began that month. The interior fit-out of Ogilvy's offices, originally slated to begin in April 1988, did not begin until that November. The completion of Worldwide Plaza was ultimately delayed by four months and exceeded the original budget by 10 percent.{{harvnb|Sabbagh|1990|p=357|ps=.}}Most of the space at One Worldwide Plaza was leased even before the building was completed. In August 1988, the law firm Cravath, Swaine & Moore leased {{convert|370000|sqft}}NEWS, Berkowitz, Harry, August 15, 1988, Market for Office Space Revives, 122, Newsday,weblink July 5, 2022, February 15, 2022,weblink live, in exchange for a 7 percent equity stake in Worldwide Plaza. The lease occurred at a time when the offices of all of Manhattan's accounting firms and corporate law firms were east of Sixth Avenue.WEB, Voien, Guelda, November 5, 2009, Worldwide Potential,weblink July 6, 2022, Observer, February 26, 2021,weblink live, The law firm's lease also stipulated that Zeckendorf buy and demolish an adult movie theater just north of One Worldwide Plaza.NEWS, Schmitt, Richard B., Geyelin, Milo, September 12, 1989, Psychological Tests by Employers Are Challenged in California Court, 1, Wall Street Journal, 0099-9660, {{ProQuest, 398119478, }} Cravath, Swaine & Moore and Ogilvy & Mather each had their own entrances and elevators, and the developers gave large "work letters" to both firms, compensating for the cost of interior furnishings. These two tenants alone accounted for 55 percent of the space. By early 1989, more than 90 percent of the space at One Worldwide Plaza had been leased. Advertising agency N. W. Ayer & Son agreed to move into {{convert|335000|sqft}} at One Worldwide Plaza,NEWS, Peterson, Iver, February 2, 1989, Madison Ave. Quits Madison Ave., The New York Times,weblink April 25, 2020, 0362-4331, February 27, 2020,weblink live, and it also took an equity stake in the complex.NEWS, Lueck, Thomas J., October 22, 1989, A Skyscraper-High Office Space Surplus, en-US, The New York Times,weblink July 5, 2022, 0362-4331, February 10, 2022,weblink live, Record label PolyGram had leased {{convert|120000|sqft}}.NEWS, March 31, 1989, Realty Notes, 849, Daily News,weblink July 4, 2022,

Opening and early years

(File:South side of Worldwide Plaza bldgs 2008 jeh.jpg|alt=South side of Two and One Worldwide Plaza|thumb|Southeast side of Worldwide Plaza)Worldwide Plaza was completed in 1989, and a temporary certificate of occupancy was issued that February. The Worldwide Cinemas multiplex beneath the complex opened in June 1989,NEWS, Yarrow, Andrew L., June 12, 1989, Movies Are Adding To Prices and Places, en-US, The New York Times,weblink July 5, 2022, 0362-4331, December 19, 2017,weblink" title="web.archive.org/web/20171219180644weblink">weblink live, and Cravath, Swaine & Moore moved into One Worldwide Plaza that September.NEWS, Ebron, Betty Liu, September 19, 1989, Apple Sauce, 6, Daily News,weblink July 5, 2022, July 8, 2022,weblink live, Ogilvy's offices were completed behind schedule, costing the developers several million dollars. By then, Zeckendorf was developing several additional structures along the midtown section of Eighth Avenue, including two buildings directly next to Worldwide Plaza.NEWS, Dunlap, David W., May 13, 1990, Commercial Property: West Midtown; Zeckendorf Is Ready for Another Burst of Building, en-US, The New York Times,weblink July 5, 2022, 0362-4331, March 6, 2020,weblink live, Soon after the complex opened, Lifetime Cable Network also leased space at One Worldwide Plaza,NEWS, Deutsch, Claudia H., October 25, 1992, Commercial Property: Workletters; In a Tenant's Market, Flexibility Clinches the Deal, en-US, The New York Times,weblink July 5, 2022, 0362-4331, January 16, 2018,weblink" title="web.archive.org/web/20180116043008weblink">weblink live, as did electronics company Philips.MAGAZINE, Mirabella, Alan, January 23, 1995, 'Net jobs surf into NY on waves of new media, Crain's New York Business, 11, 4, 1, {{ProQuest, 219156440, }} The residences within the complex were not fully sold until 1993,NEWS, Lambert, Bruce, August 14, 1994, Neighborhood Report: Midtown; Worldwide Plaza: Progress and Promises Unmet, en-US, The New York Times,weblink live, July 4, 2022,weblink" title="web.archive.org/web/20180204214928weblink">weblink February 4, 2018, 0362-4331, NEWS, Henry, David, July 18, 1994, Overseas Chinese' money pours into high profile Manhattan real estate, 73, 76, 77, Newsday,weblink live, February 20, 2022,weblink February 20, 2022, and a quarter of the retail space was still empty in 1996.Although the offices were fully occupied in the mid-1990s,NEWS, Martin, Douglas, November 22, 1994, Where's 42d St. Grit? Around the Corner; Slow Change Along Eighth Ave. Strip, en-US, The New York Times,weblink July 5, 2022, 0362-4331, May 26, 2015,weblink" title="web.archive.org/web/20150526105407weblink">weblink live, the office space was not as profitable as Zeckendorf had originally projected. Three of One Worldwide Plaza's largest tenants had only agreed to rent space in exchange for equity, while other tenants such as PolyGram, Microsoft, and Roberts & Holland paid less rent per square foot compared to other Midtown buildings.NEWS, Deutsch, Claudia H., May 5, 1996, Commercial Property/Worldwide Plaza and Its Neighborhood;In Hell's Kitchen, Retail Is on the Front Burner, en-US, The New York Times,weblink July 5, 2022, 0362-4331, February 4, 2018,weblink" title="web.archive.org/web/20180204163358weblink">weblink live, In addition, Deutsche Bank held a $600 million mortgage loan on Worldwide Plaza. In the wake of Black Monday, the developers were barely able to make mortgage payments as long as the building's original tenants continued to pay rent.MAGAZINE, Feldman, Amy, April 7, 1997, Ziff-Davis considers Worldwide Plaza, Crain's New York Business, 13, 14, 1, {{ProQuest, 219164348, }}By 1996, Deutsche Bank was looking to sell its mortgage. Zeckendorf's syndicate wished to find a partner to help buy the mortgage from Deutsche Bank, with little success. At the time, One Worldwide Plaza was fully occupied by several large tenants with long leases, but the average rent for office space had decreased about one-third since 1990.MAGAZINE, Feldman, Amy, May 6, 1996, Worldwide Plaza bailout sought by Zeckendorf, Crain's New York Business, 12, 19, 1, {{ProQuest, 219114134, }} That October, the Blackstone Group bought the mortgage from Deutsche Bank for $300 million.NEWS, October 20, 1996, Changes Due at Worldwide Plaza, en-US, The New York Times,weblink July 4, 2022, 0362-4331, May 26, 2015,weblink" title="web.archive.org/web/20150526170053weblink">weblink live, Blackstone extended PolyGram's and Ayer's leases. Ogilvy had decided to relocate, though other companies quickly expressed interest in Ogilvy's vacant space. In October 1998, Equity Office Properties agreed to acquire the complex for about $310 million, and it also agreed to assume the $268.1 million in debt on the property.NEWS, Bloomberg News, October 3, 1998, Equity Office To Buy Worldwide Plaza in New York, The New York Times,weblink April 25, 2020, 0362-4331, August 28, 2021,weblink live, NEWS,weblink Equity Office Says It Will Purchase Worldwide Plaza for $309.9 Million, The Wall Street Journal, October 2, 1998, Kirkpatrick, David D., 0099-9660, April 25, 2020, August 28, 2021,weblink live, As part of a pilot program, Captivate Network installed electronic screens in One Worldwide Plaza's elevators,NEWS, July 19, 1999, Compressed Data; Mining the Value In a Carload of Averted Eyes, en-US, The New York Times,weblink July 6, 2022, 0362-4331, September 13, 2017,weblink" title="web.archive.org/web/20170913043647weblink">weblink live, and the majority of the building's elevators had these screens by late 1999.NEWS, Holusha, John, June 14, 2000, Commercial Real Estate; Coming Soon: A Focus for Elevator Eyes, en-US, The New York Times,weblink July 6, 2022, 0362-4331, February 3, 2018,weblink" title="web.archive.org/web/20180203190559weblink">weblink live,

2000s and early 2010s

The administration of mayor Rudy Giuliani sued the owners of Worldwide Plaza and two other buildings in 2000, alleging that these buildings' privately owned public spaces violated city laws. At Worldwide Plaza, two restaurants had illegally taken over many movable chairs and tables, which had been installed there as "public amenities".NEWS, Dunlap, David W., September 28, 2000, In City Canyons, Slivers of Public Space Erode, en-US, The New York Times,weblink July 6, 2022, 0362-4331, May 12, 2021,weblink live, The suit was settled in mid-2002 after Equity Office applied to convert ten percent of the plaza's space into a private dining area for the complex's restaurants. Meanwhile, the Loews Cineplex at Worldwide Plaza closed in early 2001 after its operator went bankrupt.NEWS, Furman, Phyllis, February 16, 2001, Loews in bankruptcy role, 47, Daily News,weblink July 6, 2022, July 8, 2022,weblink live, NEWS, Pristin, Terry, June 13, 2001, Loews Seeks to Sublease One Theater and Sell Three Others, en-US, The New York Times,weblink July 6, 2022, 0362-4331, May 27, 2015,weblink" title="web.archive.org/web/20150527161834weblink">weblink live, The former multiplex temporarily served as office space for accounting firm Deloitte later that year after that firm's offices were destroyed in the September 11 attacks.NEWS, Steinhauer, Jennifer, September 15, 2001, After the Attacks: City Hall; A Race for Space, and Incentives, to Keep Companies in City, en-US, The New York Times,weblink July 6, 2022, 0362-4331, May 27, 2015,weblink" title="web.archive.org/web/20150527162520weblink">weblink live, The multiplex then became an Off-Broadway venue, Dodger Stages (now New World Stages), in 2004.In February 2007, after a bidding war with Vornado Realty Trust, Blackstone acquired Equity Office's portfolio, including One Worldwide Plaza and seven other buildings.NEWS, Sorkin, Andrew Ross, Pristin, Terry, February 8, 2007, Takeover Battle Ends With Sale of Big Landlord, en-US, The New York Times,weblink July 6, 2022, 0362-4331, January 24, 2022,weblink live, The firm immediately resold the structures to Harry B. Macklowe as part of a $7 billion transaction;NEWS, Pristin, Terry, February 10, 2007, After Acquiring Equity Office, Blackstone Begins Selling It, en-US, The New York Times,weblink July 6, 2022, 0362-4331, April 23, 2019,weblink live, One Worldwide Plaza alone was worth $1.7 billion. Macklowe took out a $7.6 billion loan to fund the acquisitions, which was to come due within twelve months.NEWS, Forsyth, Jennifer S., September 22, 2007, Macklowes On a Wire, en-US, Wall Street Journal,weblink live, July 19, 2021,weblink July 21, 2021, 0099-9660, NEWS, Bagli, Charles V., Pristin, Terry, January 6, 2008, Harry Macklowe's $6.4 Billion Bill, en-US, The New York Times,weblink live, July 19, 2021,weblink July 21, 2021, 0362-4331, Macklowe personally pledged $1 billion, as well as interests in twelve other properties, as a guarantee. By February 2008, the Macklowe Organization had no way to refinance the debt from the previous year.NEWS, Bagli, Charles V., February 16, 2008, Developer Holds Off Creditors, for Now, en-US, The New York Times,weblink live, July 19, 2021,weblink July 19, 2021, 0362-4331, NEWS, Forsyth, Jennifer S., February 16, 2008, Fortress Gives Macklowe Extension, Staying a Possible Loan Foreclosure, en-US, Wall Street Journal,weblink live, July 19, 2021,weblink July 19, 2021, 0099-9660, As such, Macklowe surrendered One Worldwide Plaza to his lender, Deutsche Bank.NEWS, February 18, 2009, Plots & Ploys, C8, Wall Street Journal, 0099-9660, {{ProQuest, 399139956, }}NEWS, Pristin, Terry, November 8, 2009, After Manhattan's office boom, a hard fall, en-US, The New York Times,weblink live, February 11, 2022,weblink February 11, 2022, 0362-4331, After selling Macklowe's other buildings, Deutsche Bank announced in June 2009 that it would sell One Worldwide Plaza.WEB, Jonas, Ilaina, June 4, 2009, Former Macklowe-owned skyscraper to be sold-source,weblink July 6, 2022, U.S., July 8, 2022,weblink live, WEB, Kavoussi, Bonnie, June 10, 2009, The Macklowe Selloff: What Happened to Harry's Buildings,weblink July 6, 2022, Observer, July 19, 2021,weblink live, The next month, Deutsche Bank agreed to sell the building for $600 million to George Comfort and Sons.WEB, Rubinstein, Dana, July 22, 2009, Finally! George Comfort Clinches Worldwide,weblink July 6, 2022, Observer, July 8, 2022,weblink live, NEWS, Lewis, Christina S. N., July 7, 2009, Deutsche Bank to Sell New York Skyscraper, en-US, Wall Street Journal,weblink July 6, 2022, 0099-9660, July 3, 2022,weblink live, One Worldwide Plaza was only 46 percent occupied at the time,NEWS, July 5, 2011, Buying, Holding Pays Off, en-US, Wall Street Journal,weblink July 6, 2022, 0099-9660, April 2, 2023,weblink live, and the building still had a 40 percent vacancy rate at the end of the year.MAGAZINE, Agovino, Theresa, November 30, 2009, Small tenants see thinner discounts, Crain's New York Business, 25, 48, 19, {{ProQuest, 219157442, }}Television station WNET leased space at One Worldwide Plaza in 2010.WEB, August 17, 2010, WNET signs lease at Worldwide Plaza,weblink July 6, 2022, The Real Deal New York, en-US, July 24, 2021,weblink live, Japanese investment bank Nomura agreed to lease around {{convert|900000|sqft}} in 2011,NEWS, Acitelli, Tom, October 25, 2011, It's Still a Renter's Market, Office Landlords Learn, en-US, The New York Times,weblink July 6, 2022, 0362-4331, June 17, 2022,weblink live, NEWS,weblink Nomura to Move to New York's Midtown, June 29, 2011, The Wall Street Journal, Karmin, Craig, 0099-9660, April 25, 2020, May 15, 2019,weblink live, bringing the building to 95 percent occupancy.NEWS,weblink Nomura to Ditch Downtown for Midtown Manhattan, June 28, 2011, Karmin, Craig, The Wall Street Journal, 0099-9660, April 25, 2020, August 28, 2021,weblink live, The bank beat out law firm Wilmer Hale, which had also been interested in the space.WEB, Murtha, Kerry, March 10, 2011, Reborn buildings drawing crowds,weblink July 6, 2022, Crain's New York Business, November 23, 2020,weblink live, George Comfort & Sons put the building up for sale in August 2012, reportedly hoping for a $1.7 billion valuation, almost triple what the company had paid just three years prior.WEB, Geiger, Daniel, August 28, 2012, Worldwide Plaza Finally Hits Market,weblink July 6, 2022, Commercial Observer, July 3, 2022,weblink live, By October 2012, bids for the building only reached around $1.5 billion.NEWS, Brown, Eliot, October 10, 2012, Being Gutsy Is Bringing Some Glory, en-US, Wall Street Journal,weblink July 6, 2022, 0099-9660, November 22, 2012,weblink" title="web.archive.org/web/20121122032950weblink">weblink live, WEB, October 10, 2012, Investors that bought at market's nadir to reap mega profits from sale of office buildings,weblink July 6, 2022, The Real Deal New York, en-US, February 28, 2021,weblink live, Potential buyers were reportedly worried about the building's tenants including Nomura, which had recently had its credit rating downgraded by Moody's Investors Service, and Cravath, after the law firm Dewey & LeBoeuf had declared bankruptcy earlier that year.NEWS,weblink Worldwide Plaza Bids Coming in Slightly Below George Comfort's Lofty Targets, Commercial Observer, October 1, 2012, Geiger, Daniel, July 3, 2022, July 3, 2022,weblink live, Deutsche Bank provided a $710 million mortgage on the property in February 2013.NEWS, Cunningham, Cathy, September 28, 2017, Goldman Sachs to Lead $1.2B One Worldwide Plaza Refi: Sources, Commercial Observer,weblink July 6, 2022, July 3, 2022,weblink live,

American Realty Capital ownership

(File:Worldwide Plaza Sep 2021 37.jpg|thumb|The base of the building, seen in 2021)American Realty Capital New York Recovery REIT, one of several companies owned by New York real estate mogul Nicholas Schorsch, acquired a 48.9 percent interest in the property for $220 million in November 2013, as well as the rights to buy the remaining 51.1%.WEB, Geiger, Daniel, November 1, 2013, Dark horse snares One Worldwide Plaza for $1.45B,weblink July 6, 2022, Crain's New York Business, May 5, 2021,weblink live, The move came several months after Scott Rechler's RXR Realty had attempted to purchase the building for $1.25 billion. RXR sued American Realty Capital in an attempt to prevent the latter from acquiring ownership of the building.NEWS, Rose, Sarah, October 28, 2013, The Belle of the Buildings Ball, en-US, Wall Street Journal,weblink July 6, 2022, 0099-9660, July 8, 2022,weblink live, WEB, November 1, 2013, American Realty Capital outmaneuvers RXR for $1.45B Worldwide Plaza stake,weblink July 6, 2022, The Real Deal New York, en-US, June 20, 2021,weblink live, RXR continued its lawsuit even after American Realty Capital had bought the building.WEB, Delaporte, Gus, November 4, 2013, Legal Wrangling Over One Worldwide Plaza Deal Set to Continue,weblink July 6, 2022, Commercial Observer, November 26, 2020,weblink live, During the 2010s, Cravath, Swaine & Moore and Nomura Securities each continued to occupy roughly {{convert|700000|sqft}}.NEWS, June 12, 2015, Publisher of AdWeek, Mediabistro moving to 1 Worldwide Plaza, The Real Deal,weblink April 25, 2020, August 5, 2020,weblink live, M. Shanken Communications (owner of Wine Spectator)NEWS, May 13, 2014, Wine Spectator publisher to set up shop in Worldwide Plaza, The Real Deal,weblink April 25, 2020, April 16, 2019,weblink live, and CBS-TV both leased space in 2014,WEB, Salinger, Tobias, October 8, 2014, CBS Signs for Space at Worldwide Plaza,weblink July 5, 2022, Commercial Observer, August 28, 2021,weblink live, followed the next year by Howard J. Rubenstein's Rubenstein AssociatesNEWS, April 27, 2015, Rubenstein, David Barton take 103K sf at Worldwide Plaza, The Real Deal,weblink April 25, 2020, November 28, 2020,weblink live, and Prometheus Global Media. These transactions brought the building to full occupancy.American Realty Capital placed One Worldwide Plaza for sale in January 2017.NEWS,weblink One Worldwide Plaza hitting the market, The Real Deal, January 18, 2017, Maurer, Mark, July 3, 2022, August 28, 2021,weblink live, The firm exercised its option to purchase an additional 49.9 percent stake in June 2017 for $277 million, bringing the company's ownership to 98.8%.NEWS, Cunningham, Cathy, September 14, 2017, RXR, SL Green to Buy 49 Percent Stake in $1.7B Worldwide Plaza, $1.2B Refi on the Way, Commercial Observer,weblink July 6, 2022, July 3, 2022,weblink live, WEB, June 1, 2017, New York REIT acquires additional 49.9% stake in Worldwide Plaza for $276.7M,weblink July 6, 2022, Real Estate Weekly, July 8, 2022,weblink live, While the company had initially hoped to sell its entire stake in the building, bidders were discouraged by the property's existing $870 million mortgage, and foreign entities had decreased their investment in New York real estate.WEB, Putzier, Konrad, September 14, 2017, Did lack of foreign interest doom NYRT's sale of One Worldwide Plaza?,weblink July 6, 2022, The Real Deal New York, en-US, August 28, 2021,weblink live, American Realty Capital opted to sell only a non-controlling stake in the building and pursue a refinancing. That September, RXR Realty and SL Green Realty agreed to purchase a 48.7 percent stake in One Worldwide Plaza, valuing the building at $1.73 billion.WEB, September 12, 2017, RXR and SL Green inch closer to buying stake in One Worldwide Plaza,weblink July 6, 2022, The Real Deal New York, en-US, February 5, 2022,weblink live, Following the acquisition, American Realty Capital owned 50.1 percent of the building's equity and George Comfort & Sons maintained a 1.2 percent stake. At the time, the tenants included Nomura Holdings; Cravath, Swaine and Moore; CBS; and WebMD.WEB, September 12, 2017, Goldman to take lead on $1.2B refi of One Worldwide Plaza,weblink July 6, 2022, The Real Deal New York, en-US, February 5, 2022,weblink live, Goldman Sachs agreed to provide a $1.2 billion loan to refinance the property following the acquisition. The commercial mortgage-backed security (CMBS) loan closed on October 17 and was one of the largest CMBS loans on a New York office building since the financial crisis of 2007–08.NEWS,weblink RXR, SL Green Wrap $1.2B Worldwide Plaza Debt Refi, CMBS Deal in the Works, Commercial Observer, October 24, 2017, Cunningham, Cathy, July 3, 2022, July 3, 2022,weblink live, Shortly after origination, Goldman Sachs syndicated 25 percent of the loan to Deutsche Bank.WEB,weblink Benchmark 2018-B1 Free Writing Prospectus, January 16, 2018, Securities & Exchange Commission, July 3, 2022, August 28, 2021,weblink live, The loan consisted of $940 million in senior debt and a $260 million junior loan. At the time, an appraisal valued the property at $1.74 billion since the building was 98.4 percent occupied and generating net cash flows of over $85 million a year. In November 2019, West Monroe Partners leased one floor.NEWS, Rizzi, Nicholas, November 26, 2019, Consultants West Monroe Partners Moving to 42K SF at Worldwide Plaza, Commercial Observer,weblink November 29, 2019, November 28, 2019,weblink live, By 2023, Nomura sought to downsize its space at One Worldwide Plaza,WEB, Nomura hunts for new offices as it seeks to shed space, Crain's New York Business, Bloomberg, April 25, 2023,weblink October 4, 2023, WEB, Japanese Investment Bank Eyes Downsize From Worldwide Plaza, The Real Deal, April 26, 2023,weblink October 4, 2023, while Cravath, Swaine & Moore planned to relocate to Hudson Yards.WEB, Cavanaugh, Suzannah, SL Green, RXR's Worldwide Plaza Loan Watchlisted, The Real Deal, October 2, 2023,weblink October 4, 2023, These two tenants collectively occupied 70 percent of the building, prompting concerns that a $940 million loan on the Worldwide Plaza complex could not be paid off. By January 2024, One Worldwide Plaza was valued at $1.2 billion, a one-third decrease from its 2018 valuation.WEB, Elstein, Aaron, Worldwide Plaza's value sinks by an estimated $500M, Crain's New York Business, January 29, 2024,weblink January 31, 2024, WEB, Office Complex Worldwide Plaza’s Estimated Value Sinks $500M, The Real Deal, January 30, 2024,weblink January 31, 2024,

Reception

When One Worldwide Plaza was announced, New York Times architecture critic Paul Goldberger criticized the cheapness of the building's materials, including the use of brick and the lack of granite, as well as the large massing of the tower and the small size of the driveway. He also noted the building's inspiration from the New York Life Building and Crown Building. Nonetheless, Goldberger wrote: "In general, this is the sort of plan the West Side of midtown Manhattan has been waiting for."NEWS, Goldberger, Paul, November 26, 1985, Plan For Old Garden Site: Impressive Restraint and a Sense of the City, The New York Times,weblink April 25, 2020, 0362-4331, August 28, 2021,weblink live, Following Worldwide Plaza's completion, Goldberger declared that the project had "turned one of the harshest blocks of midtown Manhattan into a glittering island of corporate luxury."NEWS, Goldberger, Paul, January 21, 1990, Architecture View; World Wide Plaza: So Near and Yet So Far, The New York Times,weblink April 25, 2020, 0362-4331, October 19, 2019,weblink live, He did describe One Worldwide Plaza's lower stories as resembling "stone wallpaper" because the cladding was so thin.NEWS, Goldberger, Paul, May 20, 1990, Architecture View; After Opulence, a New 'Lite' Architecture, en-US, The New York Times,weblink July 5, 2022, 0362-4331, May 24, 2017,weblink" title="web.archive.org/web/20170524201343weblink">weblink live, Herbert Muschamp, also of the Times, regarded the building as one of the city's "Art Deco retreads".NEWS, Muschamp, Herbert, July 23, 1996, An Elegant Blow to Kitsch, en-US, The New York Times,weblink July 6, 2022, 0362-4331, November 27, 2019,weblink live, Jonathan Yardley of The Washington Post wrote: "Worldwide within its single city block thus epitomizes the transformation from commercial to residential, and it does so in buildings of singular handsomeness and distinction."NEWS, Yardley, Jonathan, April 29, 1990, One Building's Many Stories, X03, The Washington Post, 0190-8286, {{ProQuest, 307242723, }} The architect Robert A. M. Stern described One Worldwide Plaza as "the first office building of any importance to be built west of Eighth Avenue" since 330 West 42nd Street was completed in 1931. Ylonda Gault of Crain's New York wrote that One Worldwide Plaza's completion had "catapulted Mr. Childs to celebrity status in architect circles".MAGAZINE, Gault, Ylonda, June 21, 1993, Overhaul of Skidmore is architect Childs' play, Crain's New York Business, 9, 25, 3, {{ProQuest, 219178243, }}Conversely, Daniel Bluestone wrote for Design Book Review in 1992: "For all of its massive display of urbanity, the recoil of the development from its neighborhood is striking." Nicolai Ouroussoff described One Worldwide Plaza as having a "pointless circular arcade" and said that, like the Hearst Tower several blocks north, the building had a "strained relationship to the streets below".NEWS, Ouroussoff, Nicolai, June 9, 2006, Norman Foster's New Hearst Tower Rises From Its 1928 Base, en-US, The New York Times,weblink July 6, 2022, 0362-4331, November 21, 2020,weblink live, Brendan Gill, writing for The New Yorker in 1990, criticized the project as having "cool reasonableness", which he saw as "a defect that its designers and builders must have seen as a virtue".MAGAZINE, Gill, Brendan, December 17, 1990, World Wide Plaza,weblink July 7, 2022, The New Yorker, May 6, 2021,weblink live, Gill also disliked the fact that the complex's largest structure (One Worldwide Plaza) was on Eighth Avenue rather than the middle of the block, and he believed the classical detailing to be excessive. Eric Nash wrote in 2005 that the building "lacks Rockefeller Center's sweetly naive spirit, yet still manages to be a distinctive presence on the midtown skyline".Worldwide Plaza's construction was documented in a five-episode PBS miniseries.{{harvnb|Bluestone|1992|p=43|ps=.}} In addition, Karl Sabbagh wrote the book Skyscraper: The Making of a Building to complement the PBS miniseries. Goldberger wrote that the series was focused largely on the process of actually constructing Worldwide Plaza, rather than "the majesty and ambition of the American skyscraper", as Childs had intended for One Worldwide Plaza to be.NEWS, Goldberger, Paul, May 7, 1990, Reviews/Television; How Do You Build a Skyscraper? With Frustration., en-US, The New York Times,weblink July 7, 2022, 0362-4331, September 10, 2021,weblink live,

See also

• List of tallest buildings in the United States

References

Notes

Explanatory notes{{Notelist}}Inflation figures{{notelist-lr}}

Citations

{{reflist}}

Sources

• BOOK, Architecture of Skidmore, Owings & Merrill, 1984–1996, Monacelli Press, 2009, 978-1-58093-223-3, New York, 299708727, {{sfnref, Monacelli Press, 2009, }}
• MAGAZINE, Bluestone, Daniel, Winter 1992, Skyscrapers: Inside Out,weblink Design Book Review, 23,
• THESIS,weblink Owner, Architect, Builder, Banker: Comparing the Development and Construction of Two Manhattan Skyscrapers—1930 and 1990, Wayne H., Kalayjian, February 1996, Massachusetts Institute of Technology,
• BOOK, Reynolds, Donald, The Architecture of New York City: Histories and Views of Important Structures, Sites, and Symbols, J. Wiley, 1994, 978-0-471-01439-3, New York, 45730295,
• BOOK, Sabbagh, Karl, Skyscraper, 1990, Papermac in association with Channel Four Television Company, 978-0-333-56619-0, London, 28066855,
• NY2000,
• MAGAZINE, Webber, Rebecca, Oct 2004, Dodgers Worldwide, Stage Directions, 17, 10, 36–38, 40–41, {{ProQuest, 208762990, }}

External links

{{Commons category|One Worldwide Plaza}}

• {{Officialweblink}}
• One Worldwide Plaza on CTBUH
• weblink" title="web.archive.org/web/20150512192503weblink">One Worldwide Plaza on Emporis
• One Worldwide Plaza on Skyscraperpage.com
• One Worldwide Plaza on Structurae
• One Worldwide Plaza on in-arch.net

{{Midtown North, Manhattan}}