The deal was first made public in November when AVR agreed to purchase the property. In March, Boston Properties executives said they were considering the sale of two Manhattan properties, 5 Times Square and 280 Park Ave., although no contracts were in place at the time. In June the 1.2-million-sf 280 Park Ave building sold to Istithmar PJSC for $1.2 billion.

Boston Properties will continue to manage the 37-story, 1.1-million-sf class A office building. Located at the corner of Seventh Avenue and 42nd Street, the facility is 100% occupied. The property was constructed by Boston Properties in 2002 and is the headquarters for Ernst & Young.

At a Q4 investor conference earlier in the month, Boston Properties executives announced plans to complete an estimated $500 million in dispositions this year. The Boston Marriott Long Wharf will be sold as part of the shedding process. As GlobeSt.com reported, the property could fetch between $160 million and $241 million.

The sale of 5 Times Square was not included in this estimate and it is unclear if there will be other dispositions in the New York area. In Manhattan, Boston Properties own the 1.6-million-sf Citigroup Center, one-million-sf 599 Lexington Ave., 1.7-million-sf 399 Park Ave. and 1.2-million-sf Times Square Tower.

According to AVR Realty's website, the company also owns and manages the Brill Building at 1619 Broadway in the Times Square area.