One Times Square
Every New Year’s Eve, the ball drops at 1 Times Square. A million people pack the surrounding streets to watch, and another billion tune in on television all over the globe. In 1994, Sherwood partnered with Lehman Brothers to acquire 1 Times Square out of bankruptcy. Sherwood led the redevelopment, from leasing exterior signage to reimagining the retail. Less than a year later, Sherwood repositioned the building with a new partner, Jamestown, for a long-term hold. 1 Times Square was originally built as the new headquarters for The New York Times and was the tallest building in the area at that time. The newspaper began the ball drop in 1908 and the tradition quickly became the international symbol of ringing in the new year. Sherwood divested all of our management and ownership stake in the property as of July 2019.