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

[NYguy]

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

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.

[NYguy]

Meanwhile, the special permit is being renewed...



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[NYguy]

https://commercialobserver.com/2025/10/bxp-reaches-tentative-275k-anchor-deal-343-madison-avenue/

BXP Reaches Tentative 275K-SF Anchor Deal at 343 Madison Avenue





BY LARRY GETLEN
OCTOBER 15, 2025

BXP has reached a tentative deal to lease around 30 percent of its $2 billion, 930,000-square-foot 343 Madison Avenue office development to insurance and investment giant C.V. Starr.

Starr, which claims a presence across six continents and $41.1 billion in global assets, will serve as the building’s anchor tenant across roughly 275,000 square feet.

The identity of the brokers, length of the lease and asking rent are unclear. An August 2025, office lease at BXP’s nearby 510 Madison Avenue went for an asking rent of $160 per square foot, Commercial Observer previously reported.
BXP announced the launch of vertical construction of the 46-story, all-electric office tower in July 2025, noting that it was expected to deliver in 2029. It noted in the announcement that the building was designed by KPF (formerly Kohn Pedersen Fox) and that it will offer direct access to Grand Central Terminal’s Madison Concourse. Construction is being handled by Turner Construction, according to an August 2025 announcement by Turner.

At the time of the BXP announcement, the company said it had “executed a letter of intent with a prestigious, investment-grade financial institution to anchor 343 Madison Avenue and occupy 30 percent of the building, in the lower-middle section of the tower.”

In an interview with CO just last week, Hilary Spann, executive vice president for the New York region for BXP, gave CO an update on the project, noting that it was being completed in two phases.

“The first phase is the delivery of the entrance to the Madison Concourse of Grand Central that will be complete in June of next year,” said Spann. “The tower construction, which we call phase two, is scheduled to be complete in 2029. We can begin turning floors over to prospective clients in the second quarter of 2028 so that they can begin their build-out. We would get a [temporary certificate of occupancy] in 2029, and the tenant could occupy thereafter.”

[NYguy]

https://nypost.com/2025/10/19/business/m...ing-with-return-to-office-in-full-swing/

Midtown real estate is booming with return-to-office in ‘full swing’

By Steve Cuozzo
Oct. 19, 2025

BXP’s likely anchor tenant at 343 Madison Ave. — a ground-up, $2 billion project linked to Grand Central Terminal — will be financial firm C.V. Starr.

The deal would be for 275,000 square feet, the Commercial Observer later reported. It was assumed BXP had landed a tenant when it started vertical construction but no names surfaced until now. BXP, a publicly traded company, predictably had no comment when we asked.

The deal occurs against the backdrop of a seemingly unstoppable market. Transwestern’s third-quarter earnings report cited a Manhattan office recovery “in full swing,” with reductions in both direct and sublease availability to 14.8%.

Maybe most significantly, Transwestern found the construction pipeline “near historic lows” with just 3.2 million square feet in active construction — 22% less than the previous quarter. Demand for more space while little new space comes online will surely drive up rents.

[NYguy]

https://nypost.com/2025/10/21/real-estate/why-new-nyc-office-towers-are-breaking-ground/

Rise & shine: Why massive new Manhattan office towers are breaking ground now


By Lois Weiss
Oct. 21, 2025

They won’t top out until the end of the decade, but iconic new Manhattan office towers are finally going vertical.

And no wonder: Asking rents for beautiful, technologically advanced office space in prime locations are soaring toward $200 per foot.

Meanwhile, the success of JPMorgan Chase’s glamorous new headquarters at 270 Park Ave. is serving as proof of concept for ambitious new skyline stunners.

“It is creating a buzz about how transformative new construction is to the city,” said David Goldstein of Savills. “The new construction pipeline is definitely taking shape and the first out of the ground will have pricing and timing advantage.”

One of the earliest will be BXP’s 343 Madison Ave., designed by KPF, with 937,000 square feet. It has a letter of intent with C.V. Starr for a third of the 46-story tower, which won’t be delivered until 2029.

Not to be outdone, Scott Rechler’s RXR and TF Cornerstone are talking to anchor office tenants for their jumbo 2.9 million-square-foot tower at 175 Park Ave. Designed by Skidmore, Owings & Merrill, it would rise 1,575 feet above Grand Central Terminal and include a Hyatt hotel and transit improvements.

Vornado and Rudin are also in the game. They just got city approval to build a new 1.7 million-square-foot tower at 350 Park Ave. — with Citadel as partner and a 850,000-square-foot anchor space.

And Silverstein Properties is closing in on a deal with American Express to move from Brookfield Place to a new 2 World Trade Center, now likely to be around 2 million square feet.

In a move from Rockefeller Center, Deloitte has agreed to lease 700,000 square feet of Related’s 1.1 million-square-foot 70 Hudson Yards that is now under construction.

Nearby, BXP and Joseph Moinian are inching closer to getting 3 Hudson Blvd. out of the ground.

[chris08876]

Credit: Whathewhy

[NYguy]

Some minor modification approvals due to some parapet nonsense at the Yale Club.



https://zap.planning.nyc.gov/projects/2026M0218

343 Madison Ave Non-ULURP Modification

Project Brief:

A non-ULURP Modification[actions] of the 2021 Approvals in order to update the design note on the approved drawing sheets and apply a lower streetwall height exclusively to the 44th Street frontage, is being sought by private [applicant] at 343 Madison Avenue in Central Midtown Manhattan, CD5

Building still looks to be about 932 ft.

[ChiND]

Related to this tower, I wonder if the pedestrianization of the Park Avenue Viaduct and all of Vanderbilt Avenue was discussed. Further, I’d love to see the Grand Central Partnership lead an effort to buy Milstein’s property (335 Madison Avenue) and build a park on that site. Developers and huge property owners like JPMC could underwrite it. This area is starved for greenspace.

https://www.kpf.com/news/kpf-hosts-urban-design-forum-panel-on-public-realm-in-midtown-east

[chris08876]

Credit: 5Bfilms

[NYguy]

https://commercialobserver.com/2025/10/anchor-tenants-manhattan-office-2025/

Anchor Tenants Are Disrupting Manhattan’s Office Market — in a Good Way


By Isabelle Durso
October 28, 2025

“Breaking into the universe of skyscraper development requires complete faith on the part of the anchor that the capital’s there and that [a developer] knows how to build,” Tighe said. “You should not be learning on the job. You better have built somewhere else, and you certainly shouldn’t be starting the first time in New York. The sponsor has to be able to demonstrate a capacity not only to capitalize, but to construct.”

BXP is certainly aware of that. The real estate investment trust’s 1.8 million-square-foot development at 3 Hudson Boulevard will likely require an anchor tenant in the range of 600,000 to 700,000 square feet in order to secure construction financing, Spann said.

It managed fine at 343 Madison. BXP is in the process of turning the former Metropolitan Transportation Authority HQ into a 46-story, 930,000-square-foot tower with offices, dining spaces, terraces and a seemingly endless amount of amenities. The first phase of construction on that project will be completed in June 2026, while the second and final phase is set to be done in 2029, Spann said.

Because 343 Madison is being built on a smaller scale than 3 Hudson Boulevard, BXP is funding construction off its balance sheet since it’s easier to fund a smaller development in the interim, Spann said. In addition, BXP has no joint venture partner at 343 Madison, allowing it to control the entire project. That made C.V. Starr’s anchor lease the icing on the cake.

“If you have the capital available to fund, you don’t have to have a pre-lease tenant,” Spann said. “But, for most developers in the market, if you require equity capital or debt capital, those capital providers are going to want to see some level of pre-
leasing just to get comfortable with the fact that it’s something that will be desirable at the end of development, and that they’ll make a return on their investment.”

[NYguy]

NOVEMBER 30, 2025

[NYguy]

https://commercialobserver.com/2025/12/t...key-club-among-new-leases-52-vanderbilt/

Turner Construction, Jockey Club Among New Leases at 52 Vanderbilt


BY LARRY GETLEN
DECEMBER 4, 2025

Turner Construction, which is headquartered at 66 Hudson Boulevard East, has taken 9,275 square feet across the building’s entire 12th floor for a new field office. This location will allow the company close proximity to 343 Madison Avenue. Developer BXP selected Turner in August 2025 to build the new 930,000-square-foot office tower.

[ajbeaver25]

It's so bizzare that they already installed glass before the building is barely above the ground

[NYguy]

Originally Posted by ajbeaver25

It's so bizzare that they already installed glass before the building is barely above the ground

That's for one of the new/direct entrances into Grand Central Madison (the new LIRR station at Grand Central). It's supposed to be open in a couple of months. That's exciting in itself, as the station will have a direct street-level presence. It's directly next to an existing GC entrance (on 45th), but that goes to Grand Central proper.

[NYguy]

https://aijourn.com/bxp-and-starr-announ...343-madison-avenue-in-midtown-manhattan/

BXP and Starr Announce Lease Signing at BXP’s 343 Madison Avenue in Midtown Manhattan

Business Wire

BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today the signing of an approximately 275,000 square foot, 20-year lease with Starr, a global investment and insurance organization, at 343 Madison Avenue, a 930,000 square foot premier workplace currently under construction, with direct access to Grand Central’s Madison Concourse between 44th and 45th Street. Starr will occupy floors 16 through 27 in their entirety, leasing approximately 30% of the building. This location will serve as Starr’s New York headquarters.

Designed by Kohn Pedersen Fox, the 46-story tower will offer a hospitality-forward amenity program and market leading sustainability features. A dramatic double-height, client-exclusive club on the top floors will include spaces to dine, connect, and collaborate indoors and out, with striking terraces and expansive views overlooking Midtown.

A robust food and beverage program including a lobby café and bicycle storage with cabanas and showers round out the amenity program. Specialty floors including private terraces and elevated ceiling heights allow clients to design a multi-functional workplace that accommodates a variety of work styles and space needs. Sustainability features include a fully electric design with zero on-site combustion and a high efficiency direct outside air system. Target certifications include LEED Platinum, Well Core, Energy Star 85+, Fitwel, and WiredScore Platinum. BXP expects to deliver 343 Madison in late 2029.

[ChiND]

It's amazing how 343 Madison, 570 Fifth, and 70 HY filled pretty much immediately. I think the same will be true for SL GReen's Brooks Brothers tower and for 625 Madison. Further, rent at 625 likely will be astronomical and unprecedented.

[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.