Starr's Landmark 20-Year Lease at 343 Madison Signals Confidence in NYC's Office Market Revival

NEW YORK, NY – January 07, 2026 – In a powerful affirmation of Midtown Manhattan's enduring appeal, global insurance and investment organization Starr has signed a monumental 20-year lease for approximately 275,000 square feet at 343 Madison Avenue. The deal, announced by developer BXP, secures a premier headquarters for Starr in the state-of-the-art tower currently under construction, providing a significant boost to the city's commercial real estate landscape and challenging lingering narratives of the office's decline.

Starr will occupy floors 16 through 27 in their entirety, claiming roughly 30% of the 930,000 square-foot building. This long-term commitment not only establishes a new New York headquarters for the global firm but also serves as a critical anchor tenancy for BXP's ambitious project, which is slated for delivery in late 2029.

“This move marks our continued growth, not only in the U.S., but globally,” said Jeff Greenberg, chairman and co-chief executive officer of Starr. “We are delighted to be working with BXP and look forward to the completion of the building.”

A Defining Deal in a Resurgent Market

The significance of Starr's commitment extends far beyond the building's steel frame. It lands in a Midtown Manhattan office market that has demonstrated remarkable resilience and a distinct “flight to quality.” After years of pandemic-induced uncertainty, 2025 proved to be a banner year for Manhattan leasing, with activity reaching its highest levels since 2019. Tenants absorbed millions of square feet of space, with a pronounced preference for new, amenity-rich, and well-located properties.

Data from late 2025 showed Manhattan's Class A availability rates tightening to their lowest levels since 2020, while Midtown's availability dropped significantly from the previous year. This trend is driven by companies like Starr, who are leveraging the market to upgrade their physical footprint, recognizing that a high-performance workplace is a critical tool for attracting and retaining top talent.

“Starr’s commitment to 343 Madison underscores the strength of this location and the enduring demand for high‑performance workplaces in Midtown,” said Hilary Spann, Executive Vice President for BXP's New York Region. “BXP is honored to continue to serve as home to Starr’s New York headquarters, and together we’re creating a next‑generation environment that will elevate how people work, connect, and thrive in New York City.”

The 20-year term is particularly noteworthy, signaling a deep-seated belief in the long-term value of a centralized, physical headquarters in one of the world's primary financial hubs.

A Blueprint for the Modern Workplace

Designed by the world-renowned architectural firm Kohn Pedersen Fox, 343 Madison Avenue is a case study in the future of office development. The 46-story tower is engineered not just for business, but for well-being, connectivity, and environmental stewardship. Its location, with direct access to Grand Central’s Madison Concourse, offers unparalleled commuter convenience.

The building's sustainability credentials are a key differentiator. A fully electric design with zero on-site combustion positions it at the forefront of green building technology, aligning with New York City’s aggressive carbon reduction goals. BXP is targeting an elite suite of certifications, including LEED Platinum, WELL Core, Energy Star 85+, Fitwel, and WiredScore Platinum. These designations are no longer optional line items for premier developments; they are essential requirements for tenants focused on environmental, social, and governance (ESG) criteria and employee wellness.

Beyond its green bona fides, the project boasts a “hospitality-forward” amenity program designed to make the office a destination. Plans include a dramatic double-height, client-exclusive club on the top floors, complete with indoor and outdoor dining spaces, collaboration zones, and sweeping terraces with expansive Midtown views. A robust food and beverage program, bicycle storage with cabanas and showers, and specialty floors with private terraces and elevated ceilings further cater to a modern workforce that expects more than just a desk and a chair.

Starr's Strategic Ascent

For Starr, a leading global organization with operations on six continents, the move represents more than just a change of address. It is a strategic planting of a flag for the next two decades. The financial, insurance, and real estate (FIRE) sector has been a primary engine of Manhattan's office market recovery, and Starr's investment in a next-generation headquarters solidifies its position as a major player in this landscape.

By choosing a building that emphasizes sustainability, wellness, and connectivity, Starr is making a clear statement about its corporate values and its commitment to its employees. In a competitive labor market, the quality of a company's physical environment can be a deciding factor for top-tier talent. The new headquarters will provide a powerful platform for Starr's continued global expansion from its New York base.

The transaction itself was a heavyweight affair, indicative of its scale and importance. Starr was represented by a team from Cushman & Wakefield, while BXP was represented by CBRE, two of the world's leading commercial real estate services firms. Legal counsel was provided by industry titans Skadden, Arps, Slate, Meagher & Flom LLP for Starr and Fried, Frank, Harris, Shriver & Jacobson LLP for BXP.

With Starr anchoring nearly a third of the building years before its completion, BXP has successfully de-risked a major development and set a high benchmark for the remaining space. As construction progresses at the corner of 44th Street and Madison Avenue, the deal stands as a tangible symbol of a renewed and evolving vision for the future of work in New York City.