04/09/2012 03:58 pm ET Updated Apr 09, 2012

'Live! With Kelly' Debuts New Set (VIDEO)

"Live! With Kelly" may not have a permanent co-host, but the show does have a new set. Kelly Ripa debuted the new set on Monday, leading a guided tour of the new facility with guest co-host Howie Mandel.

According to ABC, the new set is the biggest change to "Live!" since the show began its run in national syndication in 1988. The set has been re-done as a "contemporary downtown-style loft" that features a larger performance space, an upper balcony for the studio audience and a new lighting system with 109 LED monitors.

As "Live!" showed a time-lapse video of the transformation, Ripa thanked the "Live!" crew, who she said had "done in three weeks what normally takes a year-and-a-half to do."

Mandel, for his part, joked that he was honored that the show decided to undergo such a transformation in honor of his guest co-hosting gig. "For you to do this for me, it just ..." he said, jokingly becoming overcome with emotion.

"You're welcome," Ripa quipped.

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