$2B Midtown Office Project Goes Vertical
Completion is expected by late 2029.
BXP has began the vertical construction of 343 Madison Ave., a 930,000-square-foot office tower in Midtown Manhattan. The 46-story development is scheduled for completion in late 2029.
BXP unveiled the plans for the high-rise in November 2024, when the company also appointed CBRE as the development’s exclusive leasing agent.
The ownership intends to anchor the office property with an undisclosed investment-grade financial institution, which agreed to occupy 30 percent of the building. The tower’s estimated costs amount to $2 billion, Crain’s New York Business reported last month.
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Designed by Kohn Pedersen Fox, the skyscraper will feature floorplates ranging from 27,500 square feet in the podium, to 21,500 square feet in the high-rise. Amenities will include private terraces, a food and beverage program within a lobby cafe, bicycle storage with cabanas and showers.
The development will be fully electric, with zero on-site combustion and a high efficiency direct outside air system. For its sustainable features, the project will target the LEED Platinum, Well Core, Energy Star 85+, Fitwel and WiredScore Platinum certifications.
Taking shape between 44th and 45th streets, the building will offer direct access to the Long Island Rail Road’s Grand Central Madison Concourse, situated at the corner of 45th Street and Madison Avenue, one block away from the development. The initial phase of the project, which included the construction of a new accessible street-level entrance to the Concourse, began in late 2024.
Nationwide office development slowdown
Manhattan had 1.6 million square feet of office space under construction in June, according to the latest Yardi Matrix report. The national construction pipeline amounted to 41.5 million, or 0.6 percent of existing stock, marking one of the lowest levels of activity in recent years, as development momentum continues to slow down.
Manhattan’s under-construction office pipeline also consisted of a total of 4.6 million square feet of competitive space across 12 properties at the end of April. Among the metro’s top developments, the largest one remains 270 Park Ave. JPMorgan Chase is behind the 2.5 million-square-foot high-rise that broke ground in 2020 and is expected to reach completion this November.
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