The site is owned by the New York City Department of Citywide Administrative Services, though Boston Properties and Norges Bank have a long-term leasehold on the building.

Childs planned the facade as a glass curtain wall, with large billboards on lower stories as part of the 42nd Street Development Project.

The foundation consists of shallow footings under most of the site, though parts of the plot abut New York City Subway tunnels and are supported by caissons.

[7][8] It features a bright neon and colored glass flashing sign with train route symbols and the word "Subway", as well as escalators.

That building was mostly abandoned for much of its history, without even advertising signage, before being demolished in 1984 for the 42nd Street Redevelopment (see Times Square Tower § Early plans).

[4][13] In 1996, the site became the Hansens Times Square Brewery,[15] a 240-seat brewpub above the subway entrance, with large windows overlooking 42nd Street.

[17] Times Square Tower was designed by David Childs of Skidmore, Owings & Merrill (SOM)[18][19] and was developed by Boston Properties.

[27] The building is part of the 42nd Street Development Project and, thus, could bypass many city zoning rules such as those relating to floor area ratio (FAR).

[13][29] These billboards are included as part of the 42nd Street Development Project and were intended to evoke Times Square's historical signage.

The engineers had initially contemplated using a framed tube structural system, but they dropped this plan since it would have required extremely-closely-spaced columns at the base, which would have prevented the inclusion of storefronts there.

[38][24] The northeast-corner column is omitted at the base, so loads from the northeast corner of the upper stories are transferred to the northern and eastern facades.

[31] The structural engineers could not stabilize the superstructure with outrigger walls, connecting the core and the exterior, because of the lack of mechanical spaces on intermediate stories.

For example, Gensler designed two stories for law firm Brown Rudnick with materials such as marble floors, wooden ceilings, and metal-and-glass partitions.

[47][48] Law firm Manatt, Phelps & Phillips, which occupied three stories, designed its space with a conference center and glass walls.

[49] Clothing retailer Ann Taylor's twelve stories were designed by HOK, which arranged private offices at the center of each floor, surrounded by workstations.

[54][55][56] 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.

[52] In exchange for being permitted to delay construction of the sites until 2002, Prudential and Park Tower were compelled to add stores and install large signage on the existing buildings.

[64][65] The same year, Douglas Durst acquired the site at the northeast corner of Broadway and 42nd Street,[66] and he developed 4 Times Square there.

[74] By the end of 1997, several developers including Durst, Burton Resnick, Steven Roth, and Jerry Speyer were reportedly bidding for the Disney site at the southwest corner of 42nd Street and Seventh Avenue.

[78][79][80] Herbert Muschamp of The New York Times regarded the scheme as having "earned a place in the history of ideas", despite being similar to a previous plan for the site.

[65][81] Boston Properties, operated by Mortimer Zuckerman, would take majority ownership,[65] while Klein's Park Tower would have a small stake.

[86] Boston Properties was reviewing five proposals for tenants by January 2001,[87] and it made an offer to Clifford Chance Rogers & Wells, then the world's largest law firm.

[100][43] With the September 11 attacks less than a week afterward, the real estate industry expected increased demand for office space in Times Square Tower and other structures from displaced tenants of the destroyed World Trade Center.

[102] Arthur Andersen became involved in the Enron scandal during late 2001 and early 2002 but initially committed to its space at Times Square Tower.

[106][109] Boston Properties started marketing Times Square Tower to law firms, which took up large amounts of space, making them desirable tenants for the developer.

[115] Law firm O'Melveny & Myers became the first tenant to sign a lease at Times Square Tower in January 2003, occupying eight stories.

[45] At the time of opening, Justin Davidson of Newsday wrote that the building "aspires to jazz heat mixed with corporate cool".

[127] According to the magazine Real Estate Weekly, Times Square Tower's completion "sealed the [42nd Street Development] with architectural, financial and operational success".

[49] Ann Taylor parent company Ascena Retail Group continued to be one of the building's largest tenants, extending its lease in 2017.