Paramount Pictures, one of the major American motion picture companies in the 1920s, built its headquarters at 1501 Broadway, along with a cinematic theatre. Construction lasted a year between 1926-1927 costing $13.5 million. At the time of its completion, it was the tallest building in Times Square, and once sported an observation deck.

Today, the Paramount Building is known for its large four-faced clock near the top of the pyramidal architectural feature, with the hours denoted by five-pointed stars (forming a circle of stars as used in the Paramount Pictures logo) topped by an ornamental glass globe. At the outset of World War II, the globe and clock were painted black to maintain blackout conditions for fear of an enemy invasion; they were restored in 1996.