In 1954, Webb and Knapp bought all of the Equitable Office Building Corporation's common stock, and thereby acquired ownership of the building. Lawrence Wien bought the lease for the land in 1956, though Webb and Knapp retained ownership of the building as well as its operating sublease. By then, Equitable was planning to build the new 1285 Avenue of the Americas on Sixth Avenue between 51st and 52nd streets in Midtown Manhattan. Two years later, the Equitable Life Assurance Company bought the building outright, as part of a $25 million exchange wherein Webb and Knapp bought the Sixth Avenue plot. In addition, Wien assumed the building's operating sublease the same year. Equitable moved to 1285 Avenue of the Americas in 1961 from its previous home office at 393 Seventh Avenue.