BXP Lands 275 KSF Office Lease in Manhattan

January 8, 2026

Office Brokerage New York News More Northeast

An investment and insurance firm will relocate to the future skyscraper.

BXP has signed investment and insurance firm Starr to a 275,000-square-foot, 20-year lease at 343 Madison Ave., an office skyscraper currently under construction in the New York City borough of Manhattan, near Grand Central Terminal.

Starr will move its New York City headquarters to the 46-story skyscraper and lease almost one-third of the building, occupying floors 16 through 27. The firm’s base is currently located at BXP’s 399 Park Ave. In May 2025, Starr also signed a 49,000-square-foot lease at 1117 Avenue of the Americas, occupying two floors of the 47-story tower.

Expected to open in late 2029, 343 Madison Ave will comprise 930,000 square feet and is slated to offer direct access to Grand Central’s Madison Concourse. At the top, plans call for a double-height club floor with dining options and an outdoor terrace. Other amenities are set to include a cafe in the lobby and bicycle storage with cabanas and showers.

Designed by Kohn Pedersen Fox, 343 Madison Ave. will include a host of sustainable features. The developer is targeting LEED Platinum, Well Core, Energy Star 85+, Fitwel and WiredScore Platinum certifications.

Cushman & Wakefield Executive Directors John Picco and Peter Van Duyne, along with Director Alex Lachmund, represented Starr in the transaction. BXP was represented by CBRE Vice Chairmen Peter Turchin and John Maher, Executive Vice President Evan Haskell and Senior Vice President Caroline Merck.

Manhattan’s office sector continues to shine

While many U.S. metros continue to face high vacancies and a slowdown in absorption, Manhattan continues to defy national office industry trends.

As of November 2025, the borough’s office vacancy rate stood at 13.4 percent, representing a 310-basis-point year-over-year decline, according to a recent report. The national average vacancy rate was 18.5 percent as of November. Asking rates for Manhattan office space averaged $68.36 per square foot, well above the national average of $32.77 per square foot.

One major leasing deal in the borough came in December 2025, when Moody’s announced it would relocate its global headquarters to 200 Liberty St. at Brookfield Place, signing a 460,000-square-foot lease with Brookfield Properties. The firm will move into the tower in 2027.