The Clock Tower Office building at 5 Madison Avenue is seen in New York City May 6, 2011. According to local reports fashion designer Tommy Hilfiger and a business partner have agreed to pay $170 million to convert it into a luxury hotel. Built in 1909 for use by the Metropolitan Life Insurance Company after Venice's Campanile di San Marco, the building became the tallest building in the world at 700 feet until 1913 when the Woolworth building in New York was built. REUTERS/Mike Segar (UNITED STATES - Tags: BUSINESS FASHION CITYSCAPE)