BXP Reached Podium Level at 343 Madison Avenue

The 46-story Midtown tower recently secured a $1.2 billion construction loan.

Updated on Oct. 11, 2026 in Construction

BXP Reached Podium Level at 343 Madison Avenue

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Developer BXP has reached the podium level of construction for its 46-story tower located at 343 Madison Avenue in New York City. The massive project, which carries a total estimated cost of $2 billion, recently finalized a $1.2 billion construction loan.

Why it matters

Securing such a significant financing package despite challenging market conditions underscores the continued demand for premium office space in Manhattan. The project aims to reshape the transit-rich corridor between East 44th and 45th streets.

The tower will span 930,000 square feet with asking rents reaching approximately $200 per square foot. Tenants Starr and McDermott Will & Schulte have already committed to half of the building's total floor area.

The players

BXP

BXP is a prominent real estate investment trust and developer that specializes in the ownership, management, and development of high-quality office properties across major U.S. markets.

Starr

Starr is an insurance and investment organization that has secured space as a lead tenant at the 343 Madison Avenue development.

McDermott Will & Schulte

McDermott Will & Schulte is a law firm that has signed a lease to anchor the new office tower in Midtown Manhattan.

The details

Designed by KPF, the tower is positioned to become a prominent fixture in the neighborhood upon its anticipated completion. Leasing momentum is already evident, with major firms securing space years ahead of the building's grand opening.

The project secured a $1.2 billion construction loan in September 2026.
The 46-story tower is scheduled for completion in 2029.

Market Landscape

This development exemplifies the aggressive modernization of Manhattan's commercial core, capitalizing on the Midtown East Rezoning initiative to densify the area around Grand Central. The project positions BXP to maintain market dominance against developers struggling to secure high-value financing in a volatile lending environment.

While the project largely serves corporate tenants, the ongoing construction will require local commuters to navigate sidewalk modifications between East 44th and 45th streets. These high-end office additions are designed to maintain the commercial appeal of the district for the city's professional workforce.

The takeaway

Developers are showing continued confidence in high-end Manhattan real estate through large-scale capital investments. Occupiers looking for prime office space in the city should track the progress of these anchor tenants as indicators of future rent trends.