The building was designated a National Historic Landmark in 1978. Silverstein Properties purchased the Equitable Building in 1980 for $60 million, in partnership with five pension funds whose mortgage nearly covered the purchase price. After buying the building, Larry Silverstein renovated and restored it at a cost of $30 million, to a design by Ehrenkrantz, Eckstut & Whitelaw. The project entailed replacing the terracotta ornamentation, as well as the original terracotta frames for the windows, which was replaced with glass-fiber reinforced plastic. The window sash and main entrances were also replaced, and the lobby was refurbished. The renovation was completed in 1990. As a result of the project, occupancy rates increased from 60% in 1991 to 80% in 1993. Following the early 1990s recession, Silverstein sold his ownership stake and leased the Equitable Building, though Silverstein Properties bought it back in 1999. The New York City Landmarks Preservation Commission designated the Equitable Building a New York City landmark in 1996. Silverstein supported the city designation, and the commission wrote in its report that the Equitable Building was "one of the finest office buildings of the era". In 2007, it was designated as a contributing property to the Wall Street Historic District, a NRHP district.