Positioning Retail Real Estate for a New Generation

November 29, 2018

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Levin Management Completes Award-Winning, $50M Renovation of Times Square Landmark

Large-Scale Capital Improvements, Lobby Relocation Transform Iconic Paramount Building

NEW YORK, N.Y., Nov. 29, 2018 – A $50 million program of capital improvements at New York City’s Paramount Building has brought extensive upgrades and a lobby relocation specifically designed to better accommodate modern tenant needs at the iconic Times Square office tower. Commercial real estate services firm Levin Management Corporation (LMC) oversaw the renovation as owner’s construction representative.

Built in 1926 as the East Coast headquarters of Paramount Pictures, the 33-story Paramount Building is located at 1501 Broadway, between 43rd and 44th streets. As a centerpiece of the renovation, the building’s main entrance was moved from Broadway to 43rd Street, expanding the lobby with higher ceilings, striking escalators and Art Deco-inspired finishes. The design – named by Engineering News Record as a 2018 Best Project award winner – pays homage to the building’s historic charm, which carries through to include a new entry marquee.

“The new lobby’s elegant design is fresh and modern while still embracing the Paramount Building’s legacy,” said LMC’s Matthew K. Harding, president. “Additionally, the entry relocation has significantly improved building access and convenience. The end result – in terms of both aesthetics and functionality – has been well received by Paramount Building office tenants, their employees and guests.”

Further enhancing the tenant experience, Macchiato Espresso Bar leased space in the Paramount Building’s new lobby. The stylish eatery serves a variety of hot and cold coffee drinks, breakfast options, and made-to-order sandwiches and salads. The improvement program also included replacement of the Paramount Building’s 1,500 windows, new elevator cabs, building system updates, and the full renovation of common corridors and bathrooms.

The Paramount Building project underscores LMC’s success managing the construction of large-scale real estate projects from start to finish. It also demonstrates the depth and breadth of LMC’s commercial platform, according to Harding. “Levin is widely regarded throughout the industry for delivering comprehensive third-party real estate services to commercial property owners,” he said. “This project is a great showcase of our capabilities.”

For more than 65 years, LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. LMC today maintains a diversified portfolio of approximately 105 properties totaling 15 million square feet in the Northeast and Mid-Atlantic states, offering leasing, property management, financial management and reporting, construction and development, lease administration, marketing services, and acquisition and disposition consulting services. The company specializes in repositioning, retenanting and renovating real estate – areas that have become particularly vital in an increasingly competitive market. LMC’s capabilities continue to evolve with new technologies, efficiencies and sustainability-focused initiatives to serve a new generation of properties, investors and tenants.

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