5 Times Square sells for $34.5 million a floor.
The guessing game is over about 5 Times Square: Crain’s reports that Boston Properties will sell the 1.1-million-square-foot, Class A office tower to AVR Realty for $1.28 billion. In cash.
For several months, the media as well as commercial real estate insiders have dished about the sales fate of 5 Times Square, a 37-story tower built in 2002 that’s now the headquarters of Ernst & Young. Boston Properties was supposed to have sold 5 Times Square along with its 280 Park Avenue, but the latter went to Istithmar for $1.2 billion in June.
– Tom Acitelli