BXP's 343 Madison Avenue Tower Construction Underway
Despite ongoing reports suggesting the project is still in the planning stages, construction has reached the podium level of the KPF-designed skyscraper.
Construction has progressed to the podium level for Boston Properties' (BXP) 46-story tower at 343 Madison Avenue, a $2 billion project located between East 44th and 45th streets. This development marks a significant step forward, countering recent coverage that has suggested the project remains solely on the drawing board.
BXP secured a $1.2 billion construction loan for the development approximately one month prior to the most recent reports. The tower, designed by KPF, is slated for completion in 2029. The building will offer 930,000 square feet of office space, with approximately half of this already leased to prominent tenants. These include the insurance giant Starr and the law firm McDermott Will & Schulte.
Asking rents for the space are reportedly in the range of $200 per square foot. The area is expected to see continued construction activity, as SL Green is also preparing to build a new tower on the site of the former Brooks Brothers store, which will likely lead to a busy period for Madison Avenue at East 44th Street over the coming years.