NEW YORK CITY—The headquarters of Big Four accounting firm Ernst & Young, 5 Times Square has been sold for $1.5 billion, Eastdil Secured senior managing director Douglas Harmon, who arranged the deal, tells GlobeSt.com. Fellow Eastdil broker Adam Spies, also a senior managing director, also marketed the tower.
AVR Realty Co. sold the one-million-square-foot tower to a group led by investor David Werner. Negotiations began last fall.
Harmon is no stranger to the Times Square area, having brokered the sale of a 45% stake in 7 Times Square to Norges by Boston Properties last fall. That asset also was valued at $1.5 billion, he tells GlobeSt.com.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
