NEW YORK | 343 Madison Avenue | 844 FT | 49 FLOORS

[NYguy]

https://www.crainsnewyork.com/real-estate/bxp-inks-275000-square-foot-lease-starr-343-madison-ave

BXP finalizes massive Midtown office lease as market enjoys strong start to 2026


EDDIE SMALL
January 7, 2026

BXP has finalized its long-rumored lease with the investment and insurance company Starr for 343 Madison Ave., securing an anchor tenant for the property and getting Manhattan's office market off to a strong start after a watershed year in 2025.

The developer, formerly known as Boston Properties, had been negotiating with Starr since at least last fall and announced Wednesday morning that the company had officially signed a 20-year lease for roughly 275,000 square feet at the under-construction building. Starr will occupy the 16th through 27th floors of the 46-story Midtown tower, or about 30% of it. The space will be the New York headquarters for the global firm.

The real estate company started work on its tower over the summer, notably and unusually, before an anchor tenant had committed to the space. The project is expected to cost $2 billion, and BXP is still looking for a new partner after its former partner, Norges Bank (Norway's sovereign wealth fund), dropped out last year.

BXP's lease with Starr comes on the heels of a banner year for the city's office market and could signal that its recovery will continue into 2026. After a steady stream of bad news since the pandemic upended the sector in 2020, companies leased almost 42 million square feet of space last year, making it the busiest year for the borough since before Covid hit in 2019, according to Colliers data.