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

[streetscaper]

Originally Posted by O-tacular

What a shame. Replacing something classic and beautiful with bland generic glass office building of medium height. Creating an icon my ass. Yawn.

I agree... This new tower isn't worth what was destroyed at all

[Doubleu1117]

Work on the MTA entrance, not sure if anything new onsite is for the tower getting going.

[Busy Bee]

^ Thanks for posting.that!

[Doubleu1117]

Originally Posted by Busy Bee

^ Thanks for posting.that!

Hopped up on a fire hydrant for those lol

[NYguy]

Originally Posted by Doubleu1117

Work on the MTA entrance, not sure if anything new onsite is for the tower getting going.

Excited to see this rise. We're looking at likely 3 continuous blocks of work, once action starts on the Roosevelt Hotel and 383 Madison Avenue.

[NYguy]

https://radiiinc.com/kpf-bxp-343-madison

[ChiND]

I like this better than 570 Fifth or 70 HY.

[Busy Bee]

It would be better if they just went ahead and reclad the MTA ventilation building in matching facade instead of having that silly little building stick out like a sore thumb. Plus what's on it now is pretty ho hum. it looks like that horizontal band would line up perfectly with that lower cornice line on the Yale Club.

[NYguy]

https://www.turnerconstruction.com/insig...bxp-to-build-tower-at-343-madison-avenue

Turner Selected by BXP to Build Tower at 343 Madison Avenue


August 19, 2025

Turner Construction Company has been selected to build a landmark 46-story commercial office tower at 343 Madison Avenue in Midtown Manhattan. Developed by BXP and designed by Kohn Pedersen Fox (KPF), the project will include an underground transit entrance serving Grand Central Terminal, further enhancing connectivity in one of New York City’s busiest transit hubs.

The 930,000 square-foot tower has been meticulously designed to minimize its impact on light and air in the densely developed area. The structure will feature strategic setbacks to create visual engagement and incorporate green spaces, reinforcing its connection to the surrounding urban environment. Reflecting a commitment to sustainability, the project is targeting LEED Platinum certification from the U.S. Green Building Council.

“We are honored to contribute to a project that not only enhances the iconic New York City skyline but also improves access to public transit,” said Luigi Morfea, Construction Executive, Turner Construction Company. “Our top priority is ensuring the safety of the public and our workforce throughout the construction process. We look forward to collaborating with BXP, KPF, and our trade partners to bring this vision to life.”

[NYguy]

https://www.costar.com/article/100930039...l-construction-of-manhattan-trophy-tower

[NYguy]

https://www.crainsnewyork.com/real-estate/bxp-cuts-dividend-30-pay-development-343-madison-ave

BXP cuts dividend by 30% to pay for development of 343 Madison Ave.


AARON ELSTEIN
September 8, 2025

Developer BXP lowered its dividend by 30% and will use the savings to help pay for the $2 billion office tower that is starting to rise up at 343 Madison Ave.

BXP, one of the nation’s largest office landlords, said Monday that lowering its payout to 70 cents a share from 98 cents will help it retain $50 million in cash every quarter that otherwise would have been gone to shareholders.

“When you launch something like 343, our needs for capital are greater, and $50 million a quarter is very significant,” CEO Owen Thomas said at an investor conference Monday morning.

BXP’s capital needs for the 1 million-square-foot tower grew when Norges Bank unexpectedly backed out in July as a 45% partner at 343 Madison. The $1.7 trillion-in-assets Norwegian sovereign wealth fund hasn’t explained why it stepped away from financing the new tower, but last week it agreed to buy an older one at 1177 Sixth Ave. for $571 million from Silverstein Properties and the California State Teachers Retirement System.

At Monday’s conference, BXP officials made it clear they are all-in when it comes to developing 343 Madison. It’s considered the best development site 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. Although none of the space is leased at 343 Madison, which recently began vertical construction, BXP said one potential tenant has signed a letter of intent for 30% of the space.

In addition to cutting its dividend, BXP is also looking for a new partner to shoulder as much as half of 343 Madison’s development cost. Securing a partner would help BXP obtain a $1 billion construction loan, Thomas said, and reduce its share of the cost to as little as $500 million.

If a new partner can’t be found, Thomas indicated the firm is prepared to finance the tower on its own. He said BXP is trying to raise $1 billion by selling land. It is also ready to part with office buildings in suburban locations.

[DCReid]

I kind of have a concerning feeling about this development...I just hope it does not impact the development of the wonderful 175 Park Avenue (Grand Hyatt) masterpiece...

[streetscaper]

Originally Posted by DCReid

I kind of have a concerning feeling about this development...I just hope it does not impact the development of the wonderful 175 Park Avenue (Grand Hyatt) masterpiece...

No need to worry...Nothing at all can ever impact the development of the wonderful 175 Park Avenue (Grand Hyatt) masterpiece

[NYguy]

Originally Posted by DCReid

I kind of have a concerning feeling about this development...I just hope it does not impact the development of the wonderful 175 Park Avenue (Grand Hyatt) masterpiece...

It would impact that no more than any of the other surrounding developments. However, the smaller floorplates here are more suited to smaller leases than what is needed at 175 Park Avenue.

[ajbeaver25]

With all of the new class A offices being built, do you think the old but iconic towers like ESB and 30 rock will struggle to sign tenants? Similar to how the twin towers were quickly outdated with the asbestos and low ceilings.

[NYguy]

Originally Posted by ajbeaver25

With all of the new class A offices being built, do you think the old but iconic towers like ESB and 30 rock will struggle to sign tenants? Similar to how the twin towers were quickly outdated with the asbestos and low ceilings.

No. For all the new office space being built and planned, it's still just a relatively small amount of the NY office market overall. That's because. like the residential market for example, there are tiers to what people want and will spend. What you see being built in Hudson Yards and Grand Central area stand at the top of that as far as the office market is concerned. But that doesn't mean all the rest is trash. Sixth Avenue does pretty well, and often goes toe-to-toe with Park Avenue. As Park Avenue is limited, we are now seeing an emerging Madison Avenue in terms of that kind of space.

[NYguy]

https://www.wsj.com/real-estate/commerci...tYpjEROZxWfBU8jH4Zdnnwc3ifC_4W6AHw%3D%3D

The New York City Office Market Is Roaring Back, and It’s Pricier Than Ever
Manhattan office space is leasing at a rate not seen since 2006, while office markets in other cities are plodding along


By Peter Grant
Oct. 14, 2025

New York City’s office market is enjoying its biggest boom in nearly two decades, leaving the rest of the U.S. in its dust.

Businesses leased 23.2 million square feet of additional Manhattan office space during the first nine months of 2025, according to real-estate services firm CBRE Group. That is the largest amount of new workspace rented for that period in 19 years.

A combination of factors is fueling the recovery, from more New York workers heading back to the office regularly to the financial sector’s increasing appetite for more modern office space.

Accounting and consulting company Deloitte signed one of the biggest leases this year when it rented nearly three-quarters of a new Hudson Yards skyscraper under development on Manhattan’s West Side.

Technology, media and advertising companies also gobbled up space this year, extending a recent run. Amazon.com, for one, expanded its New York presence by purchasing a Fifth Avenue building and leasing an additional 330,000 square feet.

Competition for prime space in Manhattan has grown so intense that many large tenants have to choose between a great location or a top-quality building.

“In most other cities, landlords only wish they had that kind of problem,” said Michael Slattery, CBRE’s research director for the New York region.

Manhattan developers are moving ahead with more than a half-dozen new office projects, the most at any point since the pandemic. They are encouraged by a record 143 leases signed so far in 2025 for more than $100 a square foot, already more than the total number signed at this level in 2024, CBRE said.

…..Barnett is developing a new office building by Grand Central Terminal that already counts IKEA as an anchor retail tenant.

Nearby, JPMorgan Chase’srecently opened Park Avenue headquarters is the most talked-about office tower in years. The $3 billion 60-story skyscraper includes 19 food operators, outdoor gardens and meditation rooms.

“Other corporations and their clients and employees are going to want a more comparable experience,” said Owen Thomas, chief executive of office developer BXP. “It’s elevating the expectation of what an office can be.”

BXP reached a tentative deal to lease one-third of its Midtown office development that is under way to global insurance and investment firm C.V. Starr & Co., according to people familiar with the matter. Thomas declined to comment.

[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.”