Midtown Manhattan office tower 5 Times Square has sold for $1.3 billion. The 37-story building, which holds 1.1 million sq. ft. of Class-A space, is located on the corner of Seventh Avenue and 42nd street in Times Square. Boston Properties sold the property to Yonkers-based AVR Realty Co. The building is 100% leased to Ernst & Young.
Earlier this year, Boston Properties (NYSE: BXP) sold its office tower at 280 Park Avenue for $1.2 billion. Boston Properties owns 128 properties scattered throughout Boston, Manhattan, San Francisco and Washington, D.C. The sale price on the 5 Times Square equals roughly $1,168 per sq. ft.