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BXP lands $1.2B construction loan for 343 Madison Avenue tower
The REIT expects the 46-story project to finish in 2029 and said the building was 50% pre-leased after C.V. Starr signed in October and McDermott Will & Schulte leased space in April.
BXP has secured a $1.2 billion construction loan to develop a 930,000-square-foot, 46-story office tower at 343 Madison Avenue in Midtown, the REIT said during its second-quarter earnings call, according to Commercial Observer.
The financing is coming from Wells Fargo, Bank of America Securities, Bank of New York Mellon and J.P. Morgan Chase. BXP said the loan has a four-year initial term with a one-year extension option, and that construction is scheduled to be completed in 2029.
BXP said the tower is already 50% pre-leased. C.V. Starr signed a 275,000-square-foot lease in October to anchor the property, and McDermott Will & Schulte took roughly 150,000 square feet in April, with Starr later expanding its initial lease by two full floors.
During the call, BXP executives said they are negotiating with two additional prospective tenants that would bring occupancy to nearly 70% pre-leased. The REIT also reported about 1.8 million square feet of leasing across 106 transactions in the second quarter of 2026, roughly 129% of its 10-year average for second-quarter leasing.