Boston Properties sells 7 Times Square stake for $684M

Boston Properties has agreed to sell its 45 percent stake in the ground lease for the 48-story Times Square Tower for $684 million.

The real estate investment trust will continue to handle property and leasing management at the 1.2 million-square-foot tower at 7 Times Square near West 41st Street. It plans to form a joint venture with the buyer, an affiliate of Norway-based Norges Bank.

Industry analysts had speculated that the building could fetch north of $1 billion, as previously reported. It hit the market in June. At the time, it was almost fully occupied, with a roster of tenants including Ruby Tuesday, Thomson Reuters and Ernst & Young. [Business Wire via Seeking Alpha] — Mark Maurer