Clarendon will nearly double its space when it moves from its present location at 1177 Avenue of the Americas, where the firm occupies multiple floors, into its new Times Square headquarters. The company, a US-based property and casualty insurance company whose parent company is Hannover Re, the fifth largest reinsurer in the world, will take possession of its new facilities in September. According to a Studley spokesperson, Clarendon's projected growth required a larger facility and being in a new building with increased efficiencies was very desirable.

Clarendon was in the market for approximately one year and during that time briefly considered options Downtown and areas outside of the city, the Studley spokesperson adds. However, many of the firm's employees live in the tri-state area and, as an employee retention measure, keeping commuting time to a minimum was a key objective. Therefore, the firm decided a Midtown address was the best fit for its needs.

The 47-story, 1.2 million sf skyscraper, which is also known as 7 Times Square, is currently under construction on an entire block bounded by Broadway and Seventh Avenue, between 42nd and 41st Street. It is scheduled to open in 2004. Clarendon joins O'Melveny & Myers LLP, one of the 20th largest law firms in the country, which will occupy 206,958 sf on the third and the 27th through 33rd floors of the tower. The firm inked a deal for the space this past January. The tower is the second Boston Properties project in Times Square. The other is 5 Times Square, a 37-story, 1.1 million-sf office building which opened in May 2002 and is 100% leased to Ernst & Young.