Matthew Bronfman, Michael Phillips and Chris Kopecky

Jamestown closed 2023 with a bang when the real estate firm topped out its $500 million redevelopment of One Times Square a year and half after unveiling the major project for what’s home to the New Year’s Eve ball drop. 

Advancing the project at the 26-story building, which includes a new viewing deck overlooking Times Square and a visitor center, marks an important milestone in New York City’s comeback from the COVID-19 pandemic, according to Michael Phillips, noting increased tourism levels at the property during the past year. 

Phillips noted that the property enhancements would help boost Jamestown’s future New Year’s Eve celebrations that the company produces with the Times Square Alliance while also serving as a hub for tourists during America’s expected 250th anniversary celebration in 2026.

“Our visitor counts are restored to pre-pandemic levels, the engagement is great, and at the end of last year we for the first time had luxury LVMH brands advertising in Times Square,” Phillips said. “I believe One Times Square will be a game-changer for the city in a variety of ways.”

While 2023 was a quieter year on the deal front for many CRE owners, Jamestown snapped up two notable leases late in the year, both at its Levi’s Plaza property in San Francisco. Snap, parent company of Snapchat, took 37,500 square feet, and Supercell, a mobile game development company, took 16,400 square feet. Phillips said the leases demonstrate there is still demand for Class A office space, even in San Francisco, despite the city’s many negative headlines.  

Jamestown was active in early 2024, too, acquiring the Publix-anchored Tamarac Town Square shopping center in Tamarac, Fla., for $22.4 million. It also purchased the 160,000-square-foot Kroger supermarket-leased Fountain Oaks retail center in Sandy Springs, Ga., for $48 million. And it inked a 338,085 -square-foot lease with American Eagle Outfitters at 63 Madison Avenue in April. 

“Despite interest rates, I think the skies seem a little brighter,” Phillips said. The activity is there, and there’s a lot of leasing activity and a lot of momentum across all markets.”