NEW YORK - There are large transactions, then there are LARGE transactions, and this one qualifies as an example of the latter. New York-based Ernst & Young has teamed up with Boston Properties to start construction on one of New York's largest build-to-suit projects ever, the 37-story, 1.1 million sq. ft. Five Times Square tower in the heart of Manhattan.

The accounting and consulting firm signed a 20-year deal and was represented by Cushman & Wakefield's Samuel Clark and Edward J. Weiss. Boston Properties was represented by Insignia/ESG.

Ernst & Young is moving 4,000 employees into its new digs, relocating them from its seven New York City offices. The firm has been headquartered at 787 Seventh Avenue since 1989. The new building, sited on the west side of Seventh Avenue between 41st and 42nd Streets, is expecting completion in first-half 2002.

"Our new state-of-the-art location in the heart of Manhattan will fit the needs of our global professional services firm well into the 21st Century and be a productive place for our clients, existing employees and new employees as we continue to grow," says Philip A. Laskawy, chairman and CEO of E&Y.

Five Times Square was designed by architect Bill Pederson of Kohn, Pederson, Fox in New York. Boston Properties acquired the site's leasehold interest and ground rent credits from The Prudential Insurance Co. of America for $152.5 million.