New York City's Most Expensive Office Tower

"Boston Properties Inc., the real estate investment trust run by billionaire Mortimer Zuckerman, agreed to sell 5 Times Square for about $1.28 billion, a record price for a New York City office tower.

The 37-story skyscraper at Seventh Avenue and 42nd Street is being sold to AVR Realty Co., Boston-based Boston Properties said yesterday. It has 1.1 million square feet and is the national headquarters for Ernst & Young.

The property is the fifth this year to sell or go under contract for more than $1,000 a square foot in the most expensive office market in the United States, a threshold never achieved before this year by large office towers."