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Boston Properties Sells Building for $1.3B

NEW YORK CITY-The Boston-based company sells 5 Times Square to AVR Realty Co. The company also sold 280 Park Ave. in June to Istithmar for $1.2 billion.

By Katie Hinderer | Updated on November 20, 2006

NEW YORK CITY-Yonkers-based AVR Realty Co. LLC has agreed to buy 5 Times Square for $1.3 billion in cash from Boston Properties Inc. The 37-story, 1.1-million-sf building is a class A office property located on the corner of Seventh Avenue and 42 Street in the heart of Times Square.

The possibility of a sale of 5 Times Square, as well as 280 Park Ave., was first reported by GlobeSt.com in March. At the time the sale of these two properties was expected to profit the company $2 billion.

Then in June, Boston Properties sold 280 Park Ave. to an affiliate of Istithmar for $1.2 billion. In the deal Boston Properties agreed to continue as property manager and leasing agent.

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