BXP brings in Safra family to help fund $2B Madison Avenue tower

What happened

BXP has brought in an equity partner for 343 Madison Avenue, its office tower under construction next to Grand Central Terminal in Midtown Manhattan. Crain's New York reported on October 16, 2026 that BXP tapped the Safra family to help fund the $2 billion tower. The Real Deal, citing Bisnow, reported the same day that Edmond Safra's AVRS Partners bought a 10.6 percent equity stake in the project.

The Real Deal said the building will be 46 stories and about 930,000 square feet. According to a release on the deal, the equity gives BXP more financial flexibility, and the firm may do more equity deals in the future. Safra said in a statement that BXP has been a valued partner to his family for more than a decade.

Over the summer, BXP got a $1.2 billion construction loan for the project, The Real Deal reported. Wells Fargo led it, with support from BofA Securities, Bank of New York Mellon and JPMorgan Chase. The interest rate is SOFR plus 2.5 percentage points. That spread drops to 2.25 points once leasing and construction benchmarks are met. The loan runs four years, with a one-year extension option.

On leasing, insurance firm Starr signed a 275,000-square-foot anchor lease in December and later expanded to 320,000 square feet across 14 floors. Chicago law firm McDermott Will & Schulte signed for about 150,000 square feet in June. Citing Commercial Observer, The Real Deal said two more tenants were in talks, which would bring the tower to 70 percent pre-leased. Citing the New York Post, it said construction recently reached the podium level. Both outlets said the building is expected to open in 2029.