One Astor Plaza

Some commentary focused on specific parts of the design. According to C. Ray Smith, the asymmetrical shafts of the facade were characteristic of "the new design" character of the 1970s, contrasting with previous symmetrical designs.Jo Mielziner said the large trusses above the Minskoff's roof provided "a clear example of what expense a builder is willing to go to get that extra rentable space".

One Astor Plaza's construction had spurred developers to acquire several buildings around Times Square.[239] When One Astor Plaza was completed, city officials had expressed hope that the building would precipitate the transformation of Times Square into an entertainment hub. This did not happen immediately, leading architectural writer Robert A. M. Stern to write that "Times Square somehow seemed all the more tawdry for its overscaled, underembellished corporate guest", One Astor Plaza.In 1985, New York Times architectural critic Paul Goldberger wrote that the under-construction Marriott Marquis hotel, One Astor Plaza, Paramount Plaza, and four planned towers at Times Square's south end[e] were "actively destroy[ing] something that is turning out to be far more fragile than we had once believed—that rough-and-tumble honky-tonk that is the physical essence of Times Square". At an exhibition of New York City buildings in 1999, New York Times critic Herbert Muschamp said: "No one needs additional reason to dislike 1515 Broadway, the fin-topped office building between 44th and 45th Streets that replaced the legendary Astor Hotel.

One Astor Plaza's construction had spurred developers to acquire several buildings around Times Square.[239] When One Astor Plaza was completed, city officials had expressed hope that the building would precipitate the transformation of Times Square into an entertainment hub. This did not happen immediately, leading architectural writer Robert A. M. Stern to write that "Times Square somehow seemed all the more tawdry for its overscaled, underembellished corporate guest", One Astor Plaza.In 1985, New York Times architectural critic

SL Green was looking to sell a minority stake in the building by 2017, and the China Investment Corporation reportedly expressed interest. That November, Allianz bought a 43 percent ownership stake and some of the debt in a deal that valued 1515 Broadway at $1.95 billion. At the time, Viacom occupied 85 percent of the building.SL Green used the proceeds from the ownership stake's sale to buy back some of its stock. After Viacom merged back into CBS Corporation, ViacomCBS (later Paramount Global[d]) retained offices at One Astor Plaza. CBS News converted part of the MTV Studios space into a studio.

SL Green refinanced 1515 Broadway for $475 million in 2010, and CDPQ sold its stake in the tower to SL Green the next year. In April 2012, Viacom signed a lease to take over all 1.6 million square feet (150,000 m2) at 1515 Broadway through 2031, taking the remaining space as other tenants' leases expired. This was the fourth-largest lease in New York City history and the largest that was not a sale and lease back by a building's previous owner.In conjunction with this lease, the Bank of China gave SL Green a $775 million, seven-year first mortgage for the building. At the time, Viacom provided the bulk of the building's rental income, paying $78 million a year. SL Green also agreed to upgrade 1515 Broadway for Viacom and installed three-story-tall advertising screens on the Times Square facade in 2013; the building was refinanced that year for $900 million.

By 2008, the downsized Viacom was still the largest office tenant of One Astor Plaza, occupying 1.5 million square feet (140,000 m2); the building only had 130,000 square feet (12,000 m2) available for lease. Viacom's leases were scheduled to expire within two years, and the company was moving some divisions elsewhere, including Comedy Central.Viacom renewed its lease in December 2008,extending it by five years. The same year, SL Green also hired KPF to renovate the lobby and facade to make the building compliant with LEED Silver green building standards. The work was completed in 2009 for $40 million. Though other tenants continued to occupy the building, including law firms, Times Square was no longer appealing to small tenants by then because of the high rents. MTV also moved out of the building's studios in 2009 when the lease expired.

In March 2002, a joint venture led by SL Green Realty acquired One Astor Plaza for approximately $480 million, the city's largest real-estate transaction since the September 11 attacks.SL Green had a 55 percent ownership stake while its partner SITQ Immobilier (a subsidiary of Canadian pension fund CDPQ), had the remaining 45 percent.SL Green was required to have terrorism insurance on the building, and the sale demonstrated that large buildings such as One Astor Plaza could obtain such insurance. SL Green chairman Stephen L. Green considered One Astor Plaza a "core building" to his portfolio but, according to Crain's New York magazine, those in the real estate industry believed that Green had overvalued the building. Alliance Building Service, operated by Green's son Gary, was hired to provide cleaning and security services for the building. After acquiring the building, SL Green sought to replace five storefronts on Broadway with one large retailer. SL Green also bought out the lease of the Loews Astor Plaza movie theater and closed it in 2004; reopening it the next year as an event venue operated by AEG Live. CBS and Viacom ultimately split in 2006.

In March 2002, a joint venture led by SL Green Realty acquired One Astor Plaza for approximately $480 million, the city's largest real-estate transaction since the September 11 attacks.SL Green had a 55 percent ownership stake while its partner SITQ Immobilier (a subsidiary of Canadian pension fund CDPQ), had the remaining 45 percentpercent.SL Green was required to have terrorism insurance on the building, and the sale demonstrated that large buildings such as One Astor Plaza could obtain such insurance. SL Green chairman Stephen L. Green considered One Astor Plaza a "core building" to his portfolio but, according to Crain's New York magazine, those in the real estate industry believed that Green had overvalued the building. Alliance Building Service, operated by Green's son Gary,

In March 2002, a joint venture led by SL Green Realty acquired One Astor Plaza for approximately $480 million, the city's largest real-estate transaction since the September 11 attacks.SL Green had a 55 percent ownership stake while its partner SITQ Immobilier (a subsidiary of Canadian pension fund CDPQ), had the remaining 45 percent.

In September 1997, MTV opened studios at One Astor Plaza's second floor after an $8 million renovation.By then, Viacom was one of several major media companies on Times Square, and ABC and CBS were also contemplating studios on Times Square.CBS and Viacom announced in 1999 that they would merge, and Viacom renewed its lease at One Astor Plaza, though the company planned to sell CBS's nearby headquarters, the CBS Building.By early 2001, Viacom had planned to buy One Astor Plaza in conjunction with its sale of the CBS Building. That August, Equitable hired Goldman Sachs to market One Astor Plaza; Equitable had rejected an offer to swap One Astor Plaza for the CBS Building directly because the latter building was worth much less. The transaction was ultimately canceled in November 2001. This was attributed in part to Viacom's demand that any buyer first acquire One Astor Plaza and then swap that for the CBS Building and cash; such a transaction would enable Viacom to avoid paying estate transfer taxes on the transaction.

In September 1997, MTV opened studios at One Astor Plaza's second floor after an $8 million renovation.By then, Viacom was one of several major media companies on Times Square, and ABC and CBS were also contemplating studios on Times Square.CBS and Viacom announced in 1999 that they would merge, and Viacom renewed its lease at One Astor Plaza, though the company planned to sell CBS's nearby headquarters, the CBS Building.By early 2001, Viacom had planned to buy One Astor Plaza in conjunction with its sale of the CBS Building.

After a merger of Paramount Communications and Viacom was proposed in 1993, deputy mayor Barry F. Sullivan said the move had "exciting potential for Times Square" because the company might move into One Astor Plaza. Following the merger, Paramount relocated from 15 Columbus Circle to One Astor Plaza, and the expanded Viacom took up 25 floors, housing subsidiaries such as Nickelodeon and MTV in the building. Viacom thus became the tower's largest tenant, occupying 800,000 square feet (74,000 m2), with options to take other floors as existing tenants' leases expired. Equitable had been able to remove the asbestos and rent nearly all the space at rates of around $30 to $39 per square foot ($320 to $420/m2). Viacom received a tax incentive of $15 million to retain its offices at One Astor Plaza and three other buildings. The state UDC, which had occupied nine floors, left the building in the following years as Viacom continued to expand.

After a merger of Paramount Communications and Viacom was proposed in 1993, deputy mayor Barry F. Sullivan said the move had "exciting potential for Times Square" because the company might move into One Astor Plaza. Following the merger, Paramount relocated from 15 Columbus Circle to One Astor Plaza, and the expanded Viacom took up 25 floors, housing subsidiaries such as Nickelodeon and MTV in the building.

Shortly after the court hearing, Manufacturers Hanover and Equitable agreed to a tentative settlement in which Equitable would extend a $95 million line of credit to the limited partners. In exchange, Manufacturers Hanover's lawsuit and Equitable's Chapter 11 filing would be withdrawn. The bankruptcy filing was thus dropped in December 1991. Throughout these legal disputes, Equitable continued to maintain the building's services and attempted to not only retain existing occupants but also attract new tenants by providing favorable concessions. For example, a new advertising tenant received a non-disturbance agreement and a low rental rate, and an existing merchandising tenant expanded its space in the building at a lower rental rate.Additionally, Equitable covered the brokers' fees and tenant-improvement charges for new tenants for several years. Equitable's success in leasing One Astor Plaza was also influenced by the lack of tenants at 1540 and 1585 Broadway in the early 1990s.

Shortly after the court hearing, Manufacturers Hanover and Equitable agreed to a tentative settlement in which Equitable would extend a $95 million line of credit to the limited partners. In exchange, Manufacturers Hanover's lawsuit and Equitable's Chapter 11 filing would be withdrawn. The bankruptcy filing was thus dropped in December 1991. Throughout these legal disputes, Equitable continued to maintain the building's services and attempted to not only retain existing occupants but also attract new tenants by providing favorable concessions.

1515 Broadway Associates LP filed for Chapter 11 bankruptcy protection in October 1990, shortly after Tishman Speyer gave up its general-partnership interest. The main reason for the Chapter 11 filing was so Equitable could renegotiate the 13.6 percent interest rate on the building's mortgage. An Equitable official said at the time that the partnership had lost $30 million a year for the past several years, and the rental income could not cover the mortgage payments. As a result of the Chapter 11 proceeding, ownership of One Astor Plaza reverted to Manufacturers Hanover Trust, one of several banks that had collectively lent $300 million to the partnership. Shortly afterward, Manufacturers Hanover sued Equitable for $600 million, claiming that Equitable had backtracked on an agreement to cover the partners' cash deficit. Manufacturers Hanover also claimed that Tishman Speyer's chief executive, Gerald Speyer, had opposed a bankruptcy proceeding. At a court hearing in March 1991, an Equitable official testified that he had misled the limited partners so they did not know about Equitable's intention to file for bankruptcy protection until it had already happened.

Tishman Speyer then renovated the lobby and elevators in 1989. The same year, Viacom International Inc. negotiated to lease several stories in One Astor Plaza for 20 years. The company planned to occupy 400,000 square feet (37,000 m2) initially, with an option to expand by another 200,000 square feet (19,000 m2). Though the building's owners hoped to gain additional large tenants, they did not sign another lease for 14 months after the Viacom lease. Furthermore, several existing tenants including Diamandis Communications and Ted Bates Worldwide were moving out, leaving the owners without enough income to make further improvements to the building.[169] Nonetheless, Viacom moved into One Astor Plaza in 1990 and was one of several companies to take up large amounts of space in Times Square.

1515 Broadway Associates LP filed for Chapter 11 bankruptcy protection in October 1990, shortly after Tishman Speyer gave up its general-partnership interest. The main reason for the Chapter 11 filing was so Equitable could renegotiate the 13.6 percent interest rate on the building's mortgage. An Equitable official said at the time that the partnership had lost $30 million a year for the past several years, and the rental income could not cover the mortgage payments.