BXP Completes Initial Sale of Partial Interest in 343 Madison Avenue Development
Key Highlights
- ➤BXP sold AVRS Partners a 10.6% equity interest in 343 Madison Avenue
- ➤$2.0 billion development gains capital while BXP retains control and decision-making authority
- ➤343 Madison Avenue is approximately 56% pre-leased, potentially reaching 70% with executed letters of intent
- ➤46-story, 930,000-square-foot tower targets completion in third quarter of 2029
- ➤$1.2 billion construction loan closed in July 2026
Expert Statements
Owen Thomas, Chairman and Chief Executive Officer of BXP
“343 Madison Avenue demonstrates the strength of BXP’s development platform and our ability to execute complex projects that create value for our shareholders and joint venture partners.”
Owen Thomas, Chairman and Chief Executive Officer of BXP
“With the project already substantially pre-leased and on track for delivery on time and on budget, we are building a premier workplace that reflects the needs of today’s leading companies.”
Owen Thomas, Chairman and Chief Executive Officer of BXP
“We are pleased and honored to expand our relationship with AVRS Partners through this investment.”
Edmond M. Safra, Founding Partner of AVRS
“BXP has been a valued partner to my family for more than a decade.”
Edmond M. Safra, Founding Partner of AVRS
“I'm honored that AVRS is now building on that relationship, and we look forward to the development of 343 Madison Avenue.”
BXP Completes Initial Sale of Partial Interest in 343 Madison Avenue 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 the sale of a 10.6% equity interest in the development of 343 Madison Avenue in Midtown Manhattan, New York, to AVRS Partners, a New York-based real estate investment firm specializing in identifying and acquiring exceptional real estate assets across the United States and Europe.
Get started
Create a free account to read the full story.