A top-tier office tower in New York’s tourist-and-entertainment hub of Times Square has been put on the market after more than a decade of ownership, pitched as well positioned to capitalize on demand at a time of limited supply.
Tower 45, a 40-story, 455,000-square-foot Class A building at 120 W. 45th St. between Sixth Avenue and Broadway, represents “a scarce acquisition opportunity,” according to a marketing brochure from JLL, the firm exclusively retained to sell the fee simple interest in the property.
The offering comes as the Times Square office market has improved, with New York outperforming the rest of the country, according to a CoStar analysis. Times Square last year saw more move‑ins than move‑outs for the first time since 2019, the report found, adding that new leasing jumped 34% to 2.3 million square feet, matching the five-year pre-pandemic average from 2015 to 2019.
JLL brokers on the listing declined to comment. Steven Levy, a principal at Kamber Management Co., which CoStar data shows bought the property from SL Green Realty in 2015 for $365 million, didn’t immediately respond to a request to comment.
Only a handful of Manhattan office properties totaling 200,000 square feet or more are listed for sale, CoStar data shows.
Among the building’s defining features is a 15‑story atrium that brings light and air deep into the structure, according to the brochure. JLL described Tower 45 as part of a “small subset of scaled Sixth Avenue office assets offering boutique floor plates,” ready to “capture demand” as midtown leasing accelerates and premier buildings reach capacity.
D.E. Shaw Research is 120 W. 45th’s largest tenant, occupying nearly 102,000 square feet, according to CoStar data.
The property, built in 1989, has undergone an $8.5 million overhaul of its lobby, street front and elevator cabs, according to Kamber's website, adding about one-fifth of the office space has been modernized as part of a pre-built suite program that adds to its market appeal. The 175-foot-tall atrium also features dramatic illuminated hanging sculptures and a flowing wall of water, Kamber said.
The Sixth Avenue corridor, along with nearby Park Avenue, ranks among Manhattan’s tightest office clusters, industry professionals agree. As availability has narrowed, demand has spilled into adjacent areas and helped push Manhattan’s top dollar rents to record highs last year.
For the record
JLL’s Andrew Scandalios, Steven Binswanger, David Giancola and Drew Isaacson represent the seller on the listing.