BXP Sells 10.6% Stake in 343 Madison Avenue Development to AVRS Partners

Boston Properties (NYSE: BXP) announced on October 14, 2026, that it completed the sale of a 10.6% equity interest in its under‑construction 343 Madison Avenue development in Midtown Manhattan to AVRS Partners, a New York–based real estate investment firm. The company maintains full decision‑making authority and continues to serve as development, property, and leasing manager while earning customary fees for those services.

This development comprises a planned 46‑story, approximately 930,000 square foot premier workplace tower adjacent to Grand Central Terminal with direct access to Grand Central Madison. BXP said the project is around 56% pre‑leased, with executed letters of intent accounting for potential pre‑leasing reaching approximately 70%. The development is slated for completion in third quarter 2029 and includes a $1.2 billion construction loan secured in July 2026.

This transaction represents a strategic move by BXP to monetize a minority stake while preserving operational control of a high-profile asset. The partnership with AVRS Partners not only strengthens the project’s capital structure but also allows BXP to retain its leadership role in development and leasing management.

Investors and stakeholders can view this as an example of BXP’s approach to unlocking value through selective equity divestments while preserving long-term upside. As the company progresses toward project delivery, future opportunities may arise to sell additional minority interests.

The completion of this sale comes amid broader activity for BXP, which is scheduled to release its third quarter 2026 financial results after market close on October 27, 2026. The company will host its earnings webcast on October 28 at 10:00 a.m. Eastern Time.

With this deal, BXP continues to demonstrate its disciplined capital strategy: leveraging its development expertise and high-quality assets to optimize the balance sheet without ceding control—a tactic likely to be of growing interest to investors as the REIT navigates evolving commercial real estate dynamics.