such as 1540 Broadway, 1585 Broadway, and 750 Seventh Avenue, as well as hotels such as the Macklowe Hotel, Marriott Marquis, Crowne Plaza, and DoubleTree Suites. By 1986, New York City Planning Commission (CPC) was considering enacting regulations that would have forced new buildings along Times Square to include bright signage as well as deep setbacks. The CPC adopted a planning regulation in 1987, which required large new developments in Times Square to set aside about 5 percent of their space for "entertainment uses". The regulation also required new buildings on Times Square to include large, bright signs. The buildings at 1540 Broadway, 1585 Broadway, and 750 Seventh Avenue were completed at with the beginning of the early 1990s recession, when 14.5 percent of Manhattan office space was vacant. Furthermore, some of office space in the western section of Midtown had been developed in the 1980s, of which only half had been leased. Consequently, 1540 Broadway was completely empty, while 1585 Broadway and 750 Seventh Avenue had one tenant each, despite the buildings having over of office space between them. Entertainment conglomerate Bertelsmann bought 1540 Broadway in 1992, spurring a revival of Times Square in the early 1990s. This was hastened when financial firm Morgan Stanley bought 1585 Broadway in 1993, followed by 750 Seventh Avenue in 1994. 42nd Street Redevelopment, further revitalization The Empire State Development Corporation (ESDC), an agency of the New York state government, had proposed redeveloping the area around a portion of West 42nd Street in 1981. Four towers designed by Philip Johnson and John Burgee were to be built around 42nd Street's intersections with Broadway and Seventh Avenue. These towers would have been redeveloped by George Klein of Park Tower Realty, though the Prudential Insurance Company of America joined the project in 1986. Furthermore, as part of the West Midtown special zoning district created in 1982, the New York City government had allowed new buildings in Times Square to be developed with an increased floor area ratio. To ensure the area would not be darkened at nightfall, the city passed zoning regulations that encouraged developers to add large, bright signs on their buildings. In 1990, the State of New York took possession of six of the nine historic theaters on 42nd Street, and the New 42nd Street non-profit organization was appointed to oversee their restoration and maintenance. The theaters underwent renovation for Broadway shows, conversion