The sale of 5 Times Square — the headquarters of Big Four accounting firm Ernst & Young — is official.
AVR Realty Co. sold the one-million-square-foot tower on Tuesday to a group led by investor David Werner. Negotiations began last fall.
AVR bought the building, which is home to Ernst & Young’s U.S. headquarters, in 2007 for $1.28 billion.
The sale comes on the heels of another big Times Square transaction. Norway’s sovereign wealth fund bought a 45 percent stake in 7 Times Square last fall from Boston Properties Inc. The fund paid $684 million for a share of the building.
Eastdil Secured sales brokers Douglas Harmon and Adam Spies marketed 5 Times Square. [WSJ, 2nd] — Claire Moses
