# BXP Sells 10.6 Percent Stake in 2 Billion Dollar Manhattan Office Tower Project to AVRS Partners

- URL: https://stocks.freetheai.org/news/bxp-sells-10-6-percent-stake-in-2-billion-dollar-manhattan-office-tower-project-f031e5
- Published: 2026-10-14T20:17:00Z
- Category: company_news; sentiment: mixed; impact: medium
- Symbols: [NYSE:BXP](https://stocks.freetheai.org/symbols/NYSE-BXP)
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BXP, Inc. (NYSE:BXP) has completed the sale of a 10.6% equity stake in its 343 Madison Avenue office tower development in Midtown Manhattan to real estate investment firm AVRS Partners. BXP will continue to manage development, property operations, and leasing for customary fees, retaining full decision-making power over the project.

The deal provides outside capital for the $2.0 billion development, reducing the equity commitment required from BXP while preserving its ownership interest. The planned 46-story, 930,000-square-foot skyscraper is already 56% pre-leased to tenants including Starr and McDermott Will & Schulte. Signed letters of intent could increase pre-leasing to approximately 70%. Construction is also backed by a $1.2 billion loan secured in July 2026. Shares of BXP closed down 3.82% at $57.70.

Looking ahead, BXP indicated it may sell additional minority interests in the property. Investors will also be tracking the conversion of current letters of intent into signed leases and monitoring progress toward the project's target completion date in the third quarter of 2029.

## Key points

- BXP, Inc. (NYSE:BXP) sold a 10.6% equity interest in its 343 Madison Avenue project in Midtown Manhattan to AVRS Partners.
- The $2.0 billion development is 56% pre-leased, with executed letters of intent potentially raising pre-leasing to 70%.
- BXP retains full decision-making authority and will serve as development, property, and leasing manager.
- Construction on the 46-story office tower is scheduled for completion in the third quarter of 2029.

## Questions and answers

### What percentage of 343 Madison Avenue did BXP sell to AVRS Partners?

BXP sold a 10.6% equity interest in the 343 Madison Avenue development to AVRS Partners, while maintaining full decision-making authority and operational management of the project.

### When is the 343 Madison Avenue project expected to be completed?

The $2.0 billion, 46-story office tower in Midtown Manhattan is currently under construction and is expected to be completed in the third quarter of 2029.

### How much of 343 Madison Avenue is currently pre-leased?

The project is approximately 56% pre-leased, with tenants including Starr and McDermott Will & Schulte. Additional executed letters of intent could raise pre-leasing to roughly 70%.