NEW YORK CITY—The 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.
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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.
