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 onsite 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 office tower located in New York City's Times Square.
Featured in the movie "Down 2 Earth" as the skyscraper from where the failing businessman jumps to his death.
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