BXP Sells 10.6% Stake in 343 Madison Ave. Tower to AVRS Partners

What happened

BXP has sold a 10.6% equity stake in 343 Madison Ave., the office tower it is building in Midtown Manhattan. Bisnow reported the deal on October 15, 2026, and The Real Deal followed on October 16. The buyer is AVRS Partners, a Manhattan investment firm co-founded in 2023 by Edmond Safra, son of Banco Safra co-founder Moise Safra. Neither outlet reported the price paid for the stake.

The project is a 46-story, 930,000-square-foot tower next to Grand Central Terminal, with a $2 billion price tag. Construction has reached the podium level, according to the New York Post, and the building is projected to deliver in 2029. In July, BXP closed a $1.2 billion construction loan led by Wells Fargo. The Real Deal reported that the loan carries an interest rate of SOFR plus 2.5 percentage points, with an initial four-year term and a one-year extension option. BofA Securities, Bank of New York Mellon and JPMorgan Chase also took part.

BXP said the equity deal gives it more financial flexibility. The company keeps control of the project and will collect fees as development, property and leasing manager. It said it may sell other minority stakes later. This is the second deal between the two firms. An AVRS affiliate also holds an interest in the General Motors Building at 767 Fifth Ave.

Bisnow said the tower is 56% preleased to law firm McDermott Will & Schulte (150,000 SF) and insurance firm Starr (275,000 SF, including a 46,000 SF expansion option). The outlets differ on details. Bisnow placed both deals at the start of the year. The Real Deal said Starr signed in December and later exercised its expansion option to reach 320,000 SF across 14 floors, and that McDermott signed in June. The Real Deal also cited Commercial Observer as reporting that two more tenants were in negotiations, which would bring preleasing to 70%.