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NEW YORK CITY-Boston Properties closed today on the sale of 5 Times Square for $1.3 billion in cash. Yonkers-based AVR Crossroads LLC, an affiliate of AVR Realty Co. LLC, purchased the property in an all cash transaction.

The deal was first made public in November when AVR agreed to purchase the property. In March, Boston Properties executives said they were considering the sale of two Manhattan properties, 5 Times Square and 280 Park Ave., although no contracts were in place at the time. In June the 1.2-million-sf 280 Park Ave building sold to Istithmar PJSC for $1.2 billion.

Boston Properties will continue to manage the 37-story, 1.1-million-sf class A office building. Located at the corner of Seventh Avenue and 42nd Street, the facility is 100% occupied. The property was constructed by Boston Properties in 2002 and is the headquarters for Ernst & Young.

At a Q4 investor conference earlier in the month, Boston Properties executives announced plans to complete an estimated $500 million in dispositions this year. The Boston Marriott Long Wharf will be sold as part of the shedding process. As GlobeSt.com reported, the property could fetch between $160 million and $241 million.

The sale of 5 Times Square was not included in this estimate and it is unclear if there will be other dispositions in the New York area. In Manhattan, Boston Properties own the 1.6-million-sf Citigroup Center, one-million-sf 599 Lexington Ave., 1.7-million-sf 399 Park Ave. and 1.2-million-sf Times Square Tower.

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

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