BXP closes $1.2bn loan for 343 Madison Avenue, New York City

BXP has secured a operation indebtedness of $1.2bn for a caller development, 343 Madison Avenue, successful Midtown Manhattan, New York City, US, marking a cardinal measurement successful a $2bn project.

This 46-storey 343 Madison Avenue tower, with astir 930,000ft² of space, volition supply nonstop entree to Grand Central Terminal's Madison Concourse.

The indebtedness comes with a four-year archetypal word and a one-year hold option. The archetypal involvement complaint is acceptable astatine Term SOFR positive 2.50%, perchance reducing to 2.25% upon reaching leasing and operation targets. 343 Madison Avenue is scheduled for completion successful precocious 2029.

BXP enforcement vice-president and main fiscal serviceman Mike LaBelle said: "We are pleased to implicit this financing, which reflects the prime of 343 Madison Avenue, continued assurance successful BXP's improvement platform, and our quality to unafraid charismatic financing presumption successful today's market.

"This transaction advances 1 of our astir compelling value-creation opportunities, strengthens our fiscal flexibility, and supports our strategy to present semipermanent worth for our shareholders."

The financing was arranged by Wells Fargo Bank arsenic administrative agent, with BofA Securities, The Bank of New York Mellon, and JPMorgan Chase arsenic associated pb arrangers. Several different fiscal institutions participated arsenic documentation and sustainability agents.

Approximately 50% of the building's abstraction is already pre-leased, with ongoing discussions for further commitments, highlighting beardown leasing activity.

Designed by Kohn Pedersen Fox, the operation volition diagnostic a scope of amenities, including a hospitality-forward programme, eating spaces, a nine connected the apical floors with spaces to dine, link and collaborate, and a nutrient and beverage offering.

The workplace tower, 343 Madison Avenue, aims for biology certifications, specified arsenic LEED Platinum and WiredScore Platinum, among others.

Sustainability features of the improvement see a wholly electrical plan with zero on-site combustion arsenic good arsenic a nonstop extracurricular aerial system.

In August 2025, Turner Construction Company was selected to physique the tower.

Fried Frank provided ineligible services for BXP and Riemer Braunstein for Wells Fargo.

"BXP closes $1.2bn indebtedness for 343 Madison Avenue, New York City" was primitively created and published by World Construction Network, a GlobalData owned brand.