Madison Square Garden took its name from the location of the first building of that name, located on the northeast corner of Madison Avenue at 26th Street, across from the Park. The first Garden was a former railroad terminal for the Park Avenue main line, which was converted into an open-air circus venue by P. T. Barnum in 1871 and was renamed "Madison Square Garden" in 1879. (The New York Life Insurance Building now occupies that entire city block.) The original Garden was demolished in 1889 and replaced by a new indoor arena designed by Stanford White that opened the following year. The second Garden had a bronze statue of the Roman goddess Diana on the tower of the sports arena. When it moved to a new building at 50th Street and Eighth Avenue in 1925 it kept its old name. Madison Square Garden is now located at Eighth Avenue between 31st and 33rd Street; however, it still retains the name.