BXP Sells 10.6% Stake in 343 Madison Avenue Tower to AVRS Partners…

Event summary

BXP sold a 10.6% equity stake in the 343 Madison Avenue development to AVRS Partners for an undisclosed amount.
The 46-story, $2.0 billion tower is 56% pre-leased and expected to complete in Q3 2029.
BXP retains full decision-making authority and will earn management fees.
AVRS now holds interests in two of BXP’s key NYC properties, including the General Motors Building.

The big picture

This transaction underscores BXP’s strategy of monetizing partial interests in high-profile developments while retaining control. The deal validates the project’s quality amid a competitive Midtown Manhattan office market, where few new premier towers are expected to deliver in the near term. AVRS’s deepening partnership with BXP suggests confidence in the developer’s ability to execute complex urban projects.

What we're watching

Capital Flexibility: How BXP will deploy the additional capital from this sale, and whether it signals further stake reductions in the project.
Leasing Momentum: The pace at which 343 Madison Avenue reaches 70% pre-leasing, given current letters of intent.
Joint Venture Dynamics: Whether AVRS’s expanded relationship with BXP leads to additional collaborations in other gateway markets.