{"id":1004815587,"date":"2026-10-15T07:27:14","date_gmt":"2026-10-15T15:27:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004815587"},"modified":"2026-10-16T04:14:20","modified_gmt":"2026-10-16T12:14:20","slug":"bxp-sells-interest-in-2b-manhattan-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bxp-sells-interest-in-2b-manhattan-project\/","title":{"rendered":"BXP Sells Interest in $2B Manhattan Project"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6ad263d3b3e7c&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"783\" height=\"587\" data-attachment-id=\"1004815597\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/343-madison-ave-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/343-Madison-Ave-edited.jpg\" data-orig-size=\"783,587\" 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;0&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;1&quot;}\" data-image-title=\"343 Madison Ave.\" data-image-description=\"&lt;p&gt;Image courtesy of BXP.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;BXP&#8217;s 343 Madison Ave. broke ground last July. Rendering courtesy of BXP&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/343-Madison-Ave-edited.jpg?w=783\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/343-Madison-Ave-edited.jpg\" alt=\"Rendering of 343 Madison Ave., which broke ground last July\" class=\"wp-image-1004815597\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/343-Madison-Ave-edited.jpg 783w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/343-Madison-Ave-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/343-Madison-Ave-edited.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 783px) 100vw, 783px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">BXP&#8217;s 343 Madison is set to come online in 2029.<em> Rendering courtesy of BXP<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>BXP has sold a 10.6 percent interest in its $2 billion, 930,000-square-foot 343 Madison Ave. office development in Manhattan. AVRS Partners bought the stake.<\/p>\n\n\n\n<p>A few months ago, Wells Fargo Bank issued a <a href=\"https:\/\/www.commercialsearch.com\/news\/bxp-lands-1-2b-for-midtown-commercial-tower\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/bxp-lands-1-2b-for-midtown-commercial-tower\/\">$1.2 billion construction loan for the property<\/a>. The current deal adds more capital to the project while reducing BXP\u2019s equity commitment.<\/p>\n\n\n\n<p>The transaction also builds on the existing relationship between BXP and AVRS Partners. Edmond Safra, one of AVRS&#8217;s founders, is part of the family whose real estate arm owns a minority stake in the General Motors Building alongside BXP.<\/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\/commercial-design-lab-robert-clemens-on-labs-conversions-and-workplace-design\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/commercial-design-lab-robert-clemens-on-labs-conversions-and-workplace-design\/\">How New York City\u2019s Built Environment Is Evolving And Transforming<\/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>BXP <a href=\"https:\/\/www.commercialsearch.com\/news\/2b-midtown-office-tower-goes-vertical\/\">broke ground on 343 Madison<\/a> last year, while completion is expected in the third quarter of 2029. Development partners also include architect Kohn Pedersen Fox. <\/p>\n\n\n\n<p>The development rises at 343 Madison Ave., between the East 44th and 45th streets. The site is across from The World Economic Forum, with the Chrysler Building a few blocks away. Times Square is less than 1 mile west.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-close-up-on-a-manhattan-office-development\"><strong>Close up on a Manhattan office development<\/strong><\/h2>\n\n\n\n<p>The 46-story tower will comprise 40 workplace floors, ranging from 22,000 to 27,500 square feet. Amenities will be hospitality-forward and include conference and dining spaces, terraces, a lobby caf\u00e9 and bicycle storage, among others. The property is targeting LEED Platinum, Well Core, Energy Star 85+, Fitwel and WiredScore Platinum certifications.<\/p>\n\n\n\n<p>The development is 56 percent preleased. BXP secured two major tenants this year\u2014investment and insurance firm <a href=\"https:\/\/www.commercialsearch.com\/news\/bxp-lands-275-ksf-office-lease-in-manhattan\/\">Starr signed a 275,000-square-foot, 20-year lease<\/a>, while law firm <a href=\"https:\/\/www.commercialsearch.com\/news\/bxp-inks-law-firm-to-150-ksf-lease-at-nyc-trophy-tower\/\">McDermott Will &amp; Schulte will occupy 150,000 square feet<\/a> at the tower, across floors 31 through 37. CBRE is in charge of leasing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-some-notable-manhattan-developments\"><strong>Some notable Manhattan developments<\/strong><\/h2>\n\n\n\n<p>As of October, there were 33 office properties totaling 29 million square feet in various stages of development across Manhattan, according to Yardi Matrix. The largest ones are the 2 million-square-foot\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/american-express-tower-breaks-ground-at-world-trade-center\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/american-express-tower-breaks-ground-at-world-trade-center\/\">2 World Trade Center in Lower Manhattan<\/a> and the <a href=\"https:\/\/www.commercialsearch.com\/news\/related-cos-oxford-properties-complete-2-5b-capitalization-of-hudson-yards-tower\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/related-cos-oxford-properties-complete-2-5b-capitalization-of-hudson-yards-tower\/\">1.4 million square-foot 70 Hudson Yards<\/a>. <\/p>\n\n\n\n<p>However, the borough&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-deliveries\/\">office completions<\/a> totaled only 3.2 million feet year-over-year as of September, the same data provider shows. Moreover, only one property measuring 215,732 square feet came online in the first nine months of this year.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 930,000-square-foot office tower is set to come online in 2029.<\/p>\n","protected":false},"author":3909,"featured_media":1004815597,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,1600,21742,10,21747],"tags":[52299,32789,37128,33717,32779,33277],"class_list":["post-1004815587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-bxp","tag-cbre","tag-fitwel","tag-kohn-pedersen-fox","tag-leed","tag-wells-fargo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BXP Sells Interest in $2B Manhattan Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"BXP has sold a 10.6 percent interest in 343 Madison, its $2 billion office development in Manhattan. 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