EY looks to shrink city footprint and move to New Jersey: Accounting firm negotiating to relocate as much as 170,000 square feet from 5 Times Square to Hoboken

The accounting firm formerly known as Ernst & Young plans to vacate a portion of its longtime U.S. headquarters at 5 Times Square and shift some of its operations to New Jersey.

EY is negotiating to relocate as much as 170,000 square feet of its 1-million-square-foot Times Square office to the New Jersey waterfront, according to several sources familiar with the London-based company's search. Those sources said the firm is in talks to take space at 121 River St., an office building in Hoboken.

The deal in New Jersey would be EY's first step in shifting a large segment of...