Key Takeaways
- • BXP sold a 10.6% stake in its planned 343 Madison Avenue tower to AVRS Partners, a firm founded by a scion of the Safra banking family, according to Crain's New York.
- • The 46-story Midtown project carries an estimated development cost of $2 billion, or more than $2,000 per square foot, per BXP's own estimates reported in the publisher's coverage.
- • The sale was announced by the developer on Thursday, October 16, 2026, as BXP seeks co-investment to fund the tower.
- • Related coverage indicates Norway has backed out as a partner on the same project, a development that bears on the capital stack and anchor-tenant plans.
Summary
Boston Properties (BXP) has sold a 10.6% share of 343 Madison Avenue to AVRS Partners, a firm founded by a scion of the Safra banking family, according to Crain's New York. The developer disclosed the transaction on Thursday, October 16, 2026. The sale is part of BXP's effort to fund a tower BXP has estimated will cost $2 billion to develop, or more than $2,000 per square foot for what is expected to be a relatively slender 46-story office building.
The transaction brings a family-affiliated investor into the project's equity base as the developer advances the Midtown tower. Crain's reporting, as reflected in the publisher's related coverage, indicates that the developer has pursued the project both with and without an anchor tenant, and that BXP has also finalized a large Midtown office lease. The publisher's related coverage further notes that Norway has withdrawn as a partner on the 46-story Madison project, which is a relevant development for the project's financing structure.
The publisher's coverage also points to expectations of record-high rents at the Midtown site, reflecting BXP's view of the pricing environment for new Manhattan office supply. The primary article itself offers limited detail beyond the stake sale, so the specific financial terms of the AVRS investment, including the valuation and equity commitment, are not disclosed in the available sources.
The transaction brings a family-affiliated investor into the project's equity base as the developer advances the Midtown tower. Crain's reporting, as reflected in the publisher's related coverage, indicates that the developer has pursued the project both with and without an anchor tenant, and that BXP has also finalized a large Midtown office lease. The publisher's related coverage further notes that Norway has withdrawn as a partner on the 46-story Madison project, which is a relevant development for the project's financing structure.
The publisher's coverage also points to expectations of record-high rents at the Midtown site, reflecting BXP's view of the pricing environment for new Manhattan office supply. The primary article itself offers limited detail beyond the stake sale, so the specific financial terms of the AVRS investment, including the valuation and equity commitment, are not disclosed in the available sources.
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