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NEW YORK CITY-Yonkers-based AVR Realty Co. LLC has agreed to buy 5 Times Square for $1.3 billion in cash from Boston Properties Inc. The 37-story, 1.1-million-sf building is a class A office property located on the corner of Seventh Avenue and 42 Street in the heart of Times Square.

The possibility of a sale of 5 Times Square, as well as 280 Park Ave., was first reported by GlobeSt.com in March. At the time the sale of these two properties was expected to profit the company $2 billion.

Then in June, Boston Properties sold 280 Park Ave. to an affiliate of Istithmar for $1.2 billion. In the deal Boston Properties agreed to continue as property manager and leasing agent.

The newest property to sell was developed by Boston Properties in 2002 and is currently 100% leased to Ernst & Young. The sale is expected to close in the first quarter 2007, after typical closing conditions are met.

Boston Properties currently owns, develops or managers office properties throughout the US focusing most of its efforts in four key markets–Boston, Midtown Manhattan, San Francisco and Washington, DC. The company owns 128 properties, 74% of which are located in central business districts.

According to AVR Realty’s website, the company also owns and manages the Brill Building at 1619 Broadway in the Times Square area.

Earlier this year, another prominent Times Square property sold; 6 Times Square, the former Knickerbocker Hotel now office building, sold to Istithmar for $300 million.

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