Posted Oct 15, 2025, 1:46 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,612
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https://www.crainsnewyork.com/real-estate/developer-bxp-nears-big-lease-343-madison-ave
Developer BXP nears a big lease for 343 Madison Ave.
Aaron Elstein
October 14, 2025
Quote:
BXP has reached a tentative deal to lease a third of its in-development Midtown office project to global insurance and investment firm C.V. Starr, The Wall Street Journal reported. Public relations representatives for BXP and Starr didn’t respond to requests for comment.
A finalized deal would be a major step in the development of 343 Madison Ave., a 46-story, 1 million-square-foot tower that BXP started building over the summer without a committed anchor tenant. Normally, large towers rise up only after about half the space is preleased.
It’s expected to cost $2 billion to develop 343 Madison, or $2,000 per square foot. To help pay the price, BXP has said it will cut its dividend by 30%, sell suburban office buildings and look for a new partner after Norges Bank, the sovereign wealth fund of Norway, backed out.
The development site at 343 Madison is considered the best in Manhattan because it’s connected directly to Grand Central Terminal and close to Park Avenue, which analysts say has the lowest vacancy rate in the city and commands top rents.
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