Chemical, which planned to renovate the building and use it as a sales headquarters and showroom. The first three stories would be re-clad in glass and serve as a showroom for nylon products, and the interior would be completely overhauled. Benjamin Bailyn of architectural firm Smith Haines Lundberg Waehler designed the renovation. Due to recent changes to New York City zoning laws, it was more economically efficient to renovate the Times Tower than to demolish it, as a new building on the site could not be as tall. Work began in October 1963, and the Times Tower's original cornerstone was unsealed in a ceremony in March 1964. Allied Chemical stripped the building to its steel frame, replacing the intricate granite and terracotta facade with marble panels as part of a $10 million renovation. The first panel of the new facade crashed to the ground while it was being installed in August 1964. The modifications occurred one year before the New York City Landmarks Preservation Commission gained the power to protect buildings as official landmarks, leading architectural critic Ada Louise Huxtable to express opposition to the renovation. Huxtable praised the building as "radical and conservative at the same time", saying that it was full of "vintage structural details". Allied Chemical reactivated the news zipper on the building's facade in March 1965 as part of a joint venture with Life magazine. Allied Chemical turned on four electric signs atop the tower in July 1965. The Times Tower was officially rededicated that December as the Allied Chemical Tower. Shortly after the renovation was completed, Allied Chemical's nylon division had outgrown the space, and the building's elevator service was also reportedly unreliable. The Stouffer Foods Corporation also agreed to operate an English-themed restaurant on the 15th and 16th floors. The restaurant, known as Act I, opened in 1966. The United States Postal Service officially changed the building's address from 1475 Broadway to 1 Times Square in September 1966. Allied Chemical announced in late 1972 that it had placed 1 Times Square for sale. By that time, the company no longer needed the surplus space in its namesake tower. Allied Chemical had relocated other workers to Morris Township, New Jersey, during early 1972, and it planned to move its nylon division into smaller space at the nearby 1411 Broadway. The firm wanted to sell the building outright at a minimum price of $7 million. It