8/102 sources · 2 publishersUpdated Oct 15, 20:01 UTC
BXP Sells Minority Stake in 343 Madison Avenue Development to AVRS Partners
BXP sold a 10.6% equity stake in its 343 Madison Avenue office development to AVRS Partners. The $2.0B Midtown Manhattan project is 56% pre-leased, has a $1.2B construction loan, and is expected to be completed in Q3 2029. BXP will retain control and management of the joint venture.
Why it matters
The transaction gives BXP additional equity funding for the development while preserving its control and management role. BXP may sell additional minority interests in the project in the future.
Key facts
- 1AVRS Partners acquired a 10.6% stake in BXP's 343 Madison Avenue development. tradingview.com
- 2The development is valued at $2.0B, is 56% pre-leased, and has a $1.2B construction loan. tradingview.com
- 3The project is expected to be completed in Q3 2029. tradingview.com
- 4BXP will retain control and receive customary fees as development, property and leasing manager. finance.yahoo.com
- 5The transaction is AVRS Partners' second partnership with BXP, after its investment in the General Motors Building. finance.yahoo.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.