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

[Busy Bee]

^The just constructed mobility infrastructure (stairs/escalator/elevators) down into LIRR/GCT and the basic structure will stay obviously but the exterior will be "absorbed" into the new tower and reclad to match.

[NYguy]

https://gothamist.com/news/grand-central-madison-station-gets-new-entrance-for-lirr-riders

Grand Central Madison station gets new entrance for LIRR riders


By Ben Feuerherd
May 22, 2026

The MTA opened a new entrance to the deep-underground Grand Central Madison station Friday, which officials said will give tens of thousands of Long Island Rail Road commuters better access to the transit hub.

The entrance is at 45th Street and Madison Avenue, and gives a new alternative to getting to the station’s platforms, which are 15 stories beneath the street. Commuters can also access the station via Grand Central Terminal and several other entrances and elevators built in nearby skyscrapers.

MTA officials celebrated the milestone Friday as a win for convenience and accessibility.

“You just need to stand on Madison Avenue for any amount of time during the morning or afternoon peaks and you can see what commuters want: convenient, accessible entrances that get them to their train without having to go too far out of their way,” Jamie Torres-Springer, the president of MTA construction and development, said at a press conference announcing the new entrance.

MTA Chair Janno Lieber said the entrance was made possible because of a public-private partnership between the agency and BXP, a real estate investment trust that manages offices and workplaces across the country.

As part of the deal, BXP is building a new office tower at 343 Madison Ave., a site that previously housed the MTA's headquarters. BXP said the building is slated to open in 2029 with direct access to the Grand Central Madison concourse. The company announced its anchor tenant, investment firm Starr, earlier this year.

The MTA will get about $1 billion over time through lease payments and taxes because of the deal, Lieber said. He did not specify over what period of time that money will be generated.

“Most important, for today’s purposes, the public, Long Island Rail Road riders, get a brand new, accessible entrance to Grand Central Madison,” Lieber added.

The Midtown station, which brought the LIRR to Manhattan’s East Side for the first time, draws more than 70,000 daily riders, according to the MTA.

[mrnyc]

^ i saw a news report about it -- whew lads those are deep alpine escalators.

[NYguy]

• Video Link

[NYguy]

MAY 31, 2026

[NYguy]

The New York office market…



https://www.linkedin.com/posts/scottdona...ht-now-activity-7141094516471574528-GbVq




https://www.costar.com/article/185067214...-york-trophy-tower-well-ahead-of-opening

Starr expands at BXP’s New York trophy tower well ahead of opening
Insurance giant adds two floors as top Manhattan office rents break past $300 barrier


By Andria Cheng
June 3, 2026

Starr is expanding its commitment to developer BXP’s high-profile New York tower 343 Madison Ave. even before it opens, deepening its foothold at one of the city’s most closely watched office developments.

The global investment and insurance firm has added two floors to its lease, bringing its total footprint to about 325,000 square feet, according to Hilary Spann, BXP’s executive vice president for the New York region. Starr had previously signed a 20-year lease for 275,000 square feet across floors 16 through 27, representing about 30% of the 930,000-square-foot building that will offer direct access to Grand Central Terminal.

The early expansion underscores the continued strength of demand for top-tier office space in Manhattan, the biggest U.S. office market, where limited availability is pushing rents to record levels and reinforcing pricing power for new trophy developments.

Scarcity at the top of the midtown office market has recently driven deals above $320 per square foot, including at SL Green Realty’s nearby One Vanderbilt and Soloviev Group’s 9 W. 57th St. just south of Central Park.

At 343 Madison, office rents on lower floors are expected to be just under $200 per square foot, while BXP has recently responded to some inbound interest for five top floors with offers of $350 per square foot, Spann said.

“At this point we are relatively inflexible about that number,” she told CoStar News on the sidelines of Nareit’s REITweek investor conference in New York. “We have plenty of time to lease them if someone wants to take five floors. Otherwise we’ll lease them floor by floor. … We are holding the line on the value at the top of the building. … We certainly think that it’s possible, and our competitors are sending those same sort of proposals out.”

Designed by Kohn Pedersen Fox, the 46-story tower, with an estimated cost of $2 billion, is set to feature a dramatic double-height, client-exclusive club with terraces overlooking midtown.

There are also plans for a lobby cafe and bicycle storage with cabanas and showers, BXP has said. The building will be fully electric and feature a direct outside air system.

“There are just certain categories of clientele, including hedge funds, private equity, asset and wealth managers, that have a need for luxury product,” Spann told CoStar.

She added that “they need for their employees and for their clients to have an absolutely second-to-none experience when they come into their space. That's really driving their need to be in a premier workplace and in highly amenitized buildings. … It's very much being driven by the requirement of these companies to attract and retain great talent, and then to service their own clients.”

A case in point, BXP is dedicating the top two floors of 343 Madison to a shared amenity club for tenants.

Project seen as ahead of competition
BXP also is in talks with two additional tenants at 343 Madison and expects to sign those leases by the end of the second quarter for 200,000 incremental square feet, which will take the project to 56% preleased, Spann said at the Nareit event.

[NYguy]

https://www.citybiz.co/article/860738/bx...mott-will-schulte-at-343-madison-avenue/

BXP Lands 150,000-Square-Foot Lease With McDermott Will & Schulte at 343 Madison Avenue


JUNE 16, 2026

BXP has signed a lease with law firm McDermott Will & Schulte for approximately 150,000 square feet at 343 Madison Avenue, adding another major tenant to the developer’s flagship office project in Midtown Manhattan and advancing leasing momentum at the tower ahead of its planned completion in 2029.

The firm will occupy floors 31 through 37 of the 46-story, 930,000-square-foot office building, which is currently under construction adjacent to Grand Central Terminal. The lease further strengthens the project’s position within Manhattan’s highly competitive office market, where demand has increasingly concentrated around newly developed, amenity-rich buildings with direct access to major transportation hubs.

The lease aligns with McDermott’s broader campus strategy in New York, connecting its presence in a neighboring property through Grand Central Terminal while establishing a centralized hub for clients and attorneys. The firm’s new space will include more than 330 offices across seven floors, flexible conference facilities and a large outdoor terrace designed to support both client engagement and collaboration among employees. Occupancy is expected to begin in October 2029.

McDermott has significantly expanded its New York presence over the past decade, reflecting growth in its legal and advisory practices tied to private capital, corporate transactions and related services. Chairman Ira Coleman said the new location will support the firm’s continued expansion while providing a modern workplace environment.

“McDermott’s expansion to 343 Madison comes amid rapid growth in our New York presence, where we’ve increased our footprint tenfold over the past decade and recently rose into the top 10 largest firms in the city,” Coleman said.

[ChiND]

This tower is probably almost full.

[Crawford]

There are a couple of white shoe law firms that are sniffing around potential new office towers. I wonder if the next wave of towers will be powered by legal expansion.

[ChiND]

Originally Posted by Crawford

There are a couple of white shoe law firms that are sniffing around potential new office towers. I wonder if the next wave of towers will be powered by legal expansion.

I hope that we receive news about 175 Park soon. The silence is deafening.

[NYguy]

July 23, 2026

[NYguy]

https://www.linkedin.com/posts/nyc-const...uction-activity-7485442091540516864-BFY1

Exciting news! NYC Constructors and Banker Steel's journey to build the skyline continues.

The first steel column was set at the 343 Madison Avenue project in the early morning of July 11th, 2026. 🎉

This 900-foot, 46-story tower will feature elegant setbacks that will incorporate green spaces as well as an underground transit entrance serving Grand Central Terminal.

NYC Constructors is erecting and Banker Steel is fabricating 12,000 tons of structural steel for the project. We are thrilled to watch this structure progress!

[NYguy]

https://www.bloomberg.com/news/articles/...ear-grand-central-lands-1-2-billion-loan

NYC Office Project Near Grand Central Lands $1.2 Billion Loan


By Natalie Wong
July 28, 2026

BXP Inc. has secured a $1.2 billion loan to build a 46-story office tower connected to New York City’s Grand Central Terminal.

The financing was led by Wells Fargo Bank with the participation of BofA Securities, Bank of New York Mellon Corp. and JPMorgan Chase Bank, according to a statement Tuesday.

The loan has a four-year term with a one-year extension option and an interest margin of 250 basis points over the secured overnight financing rate. That margin will drop by 25 basis points if the project hits certain leasing and construction targets.

Even as commercial real estate and offices in particular have struggled, high-quality New York City offices near major transit hubs remain in demand, driven by finance and tech firms competing for the kind of premium spaces and amenities that attract talent.

With vacancy rates declining in the best buildings, some developers are starting new projects. Earlier this year, developers of a new tower in Hudson Yards landed a $1.6 billion loan after landing Deloitte as an anchor tenant.

BXP’s $2 billion project is a roughly 930,000-square-foot (86,400-square-meter) tower in Midtown Manhattan. The building will have a client-exclusive club on the top floors, a cafe in the lobby, and bicycle storage with showers and changing areas.

In January, BXP announced that investment and insurance firm Starr would anchor the development with a 20-year lease.

https://www.businesswire.com/news/home/2...Construction-Loan-for-343-Madison-Avenue

BXP Secures $1.2 Billion Construction Loan for 343 Madison Avenue
Financing Completed for Premier Midtown Manhattan Development

BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today that it has closed a $1.2 billion construction loan for the development of 343 Madison Avenue, a planned 46-story, approximately 930,000-square-foot premier workplace tower in Midtown Manhattan with direct access to Grand Central Terminal’s Madison Concourse. The financing represents a significant milestone in the capitalization of the $2 billion project and supports the ongoing construction of one of New York City's most anticipated workplace developments.

"We are pleased to complete this financing, which reflects the quality of 343 Madison Avenue, continued confidence in BXP's development platform, and our ability to secure attractive financing terms in today's market," said Mike LaBelle, Executive Vice President, Chief Financial Officer, BXP. "This transaction advances one of our most compelling value-creation opportunities, strengthens our financial flexibility, and supports our strategy to deliver long-term value for our shareholders.”

BXP expects to deliver the project in late 2029, and it is positioned to be one of the few newly delivered premier workplace towers in Midtown Manhattan over the next several years. Leasing activity at the project is strong, with approximately 50% of the building pre-leased and discussions for additional commitments underway.

Designed by Kohn Pedersen Fox, 343 Madison Avenue 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.

[Zapatan]

We've heard a couple height and floor figures, I hope this ends up higher than MetLife though.