{"id":1004766747,"date":"2025-07-30T03:38:35","date_gmt":"2025-07-30T11:38:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004766747"},"modified":"2025-07-30T04:29:21","modified_gmt":"2025-07-30T12:29:21","slug":"2b-midtown-office-tower-goes-vertical","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/2b-midtown-office-tower-goes-vertical\/","title":{"rendered":"$2B Midtown Office Project Goes Vertical"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/343-Madison-Ave.-in-Midtown-Manhattan.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004766750\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/2b-midtown-office-tower-goes-vertical\/343-madison-ave-in-midtown-manhattan\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/343-Madison-Ave.-in-Midtown-Manhattan.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1602034887&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"343 Madison Ave. in Midtown Manhattan\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/343-Madison-Ave.-in-Midtown-Manhattan.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/343-Madison-Ave.-in-Midtown-Manhattan.jpg\" alt=\"Rendering of 343 Madison Ave., a 46-story, 930,000-square-foot office development in Midtown Manhattan.\" class=\"wp-image-1004766750\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/343-Madison-Ave.-in-Midtown-Manhattan.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/343-Madison-Ave.-in-Midtown-Manhattan.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/343-Madison-Ave.-in-Midtown-Manhattan.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">The 930,000-square-foot development at 343 Madison Ave. will be a fully electric office tower. <em>Image by <em>Volley Studio<\/em>, courtesy of BXP<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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.<\/p>\n\n\n\n<p>BXP <a href=\"https:\/\/www.commercialsearch.com\/news\/bxp-unveils-nyc-skyscraper-design-selects-leasing-agent\/\">unveiled the plans for the high-rise<\/a> in November 2024, when the company also appointed CBRE as the development&#8217;s exclusive leasing agent. <\/p>\n\n\n\n<p>The ownership intends to anchor the office property with an undisclosed investment-grade financial institution, which agreed to occupy 30 percent of the building.\u00a0The tower&#8217;s estimated costs amount to $2 billion, <a href=\"https:\/\/www.crainsnewyork.com\/real-estate\/bxp-plans-develop-2b-midtown-new-york-tower-or-without-anchor\"><em>Crain&#8217;s New York Business<\/em> reported<\/a> last month.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/is-the-rise-in-construction-costs-decelerating\/\">Is the Rise in Construction Costs Decelerating?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Taking shape between 44th and 45th streets, the building will offer direct access to the Long Island Rail Road\u2019s 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-nationwide-office-development-slowdown\">Nationwide office development slowdown<\/h2>\n\n\n\n<p>Manhattan had 1.6 million square feet of office space under construction in June, according to the latest <a href=\"https:\/\/www.commercialcafe.com\/blog\/national-office-report\/\">Yardi Matrix report<\/a>. 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. <\/p>\n\n\n\n<p>Manhattan\u2019s under-construction office pipeline also consisted of a total of <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-market-shows-a-promising-start\/\">4.6 million square feet<\/a> of competitive space across 12 properties at the end of April. Among the metro\u2019s top developments, the largest one remains&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/jpmorgans-2-5-msf-manhattan-hq-project-tops-out\/\">270 Park Ave<\/a>. 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Completion is expected by late 2029.<\/p>\n","protected":false},"author":3619,"featured_media":1004766750,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,1600,21742,10,21747],"tags":[52299,32789,33717],"class_list":["post-1004766747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-bxp","tag-cbre","tag-kohn-pedersen-fox"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$2B Midtown Office Project Goes Vertical - 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