NEW YORK CITY-An investor is putting a Times Square office tower on the sales block. Yonkers, NY-based AVR Realty Co. has retained CB Richard Ellis, but won’t decide whether to actually sell 5 Times Square, a 1.1-million-square-foot property at 42nd St. and Seventh Ave., until this fall.
AVR purchased the 39-story building, which houses Ernst & Young's US headquarters, from Boston Properties Inc. for $1.28 billion in February 2007. The company is planning to sell the property for a profit. The property was developed in 2002 by Boston Properties. For the full story, go to Wall Street Journal .
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