NEW YORK CITYThe headquarters of Big Four accounting firmErnst & Young, 5 Times Square has beensold for $1.5 billion, Eastdil Secured senior managingdirector Douglas Harmon, who arranged the deal, tells GlobeSt.com.Fellow Eastdil broker Adam Spies, also a seniormanaging director, also marketed the tower.

|

AVR Realty Co.sold the one-million-square-foot tower to a group led by investorDavid Werner. Negotiations began last fall.

|

Harmon is no stranger to the TimesSquare area, having brokered the sale of a 45% stake in 7 TimesSquare to Norges by Boston Properties last fall.That asset also was valued at $1.5 billion, he tellsGlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 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.