Times Square tower changes hands

Boston Properties Inc. on Thursday announced it has completed its previously announced sale of its long-term leasehold interest in a Manhattan, N.Y., office tower and related credits for $1.28 billion in cash.

The property, 5 Times Square, is a 37-story, class A building located on the corner of Seventh Avenue and 42nd Street in New York City's Times Square. The property consists of 1.1 million-plus net rentable square feet of space, and 100 percent of the office space serves as the national headquarters to professional services firm Ernst & Young.

AVR Crossroads LLC, an affiliate of AVR Realty Co. LLC, purchased the building, which Boston Properties developed in 2002.

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