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.