{"id":52976,"date":"2026-10-26T07:06:58","date_gmt":"2026-10-26T04:06:58","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=52976"},"modified":"2026-10-22T11:15:21","modified_gmt":"2026-10-22T08:15:21","slug":"avrs-takes-11-stake-in-bxp-owned-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/avrs-takes-11-stake-in-bxp-owned-office-tower\/","title":{"rendered":"AVRS Takes 11% Stake in BXP-Owned Office Tower"},"content":{"rendered":"

AVRS Partners acquired an 11% stake in a planned 46-story, Class-A, Manhattan, N.Y., office space<\/a> owned by BXP. The 930,000-square-foot development project at 343 Madison Ave. is set to be completed by 2029 and will cost an estimated $2 billion.<\/p>\n

\u201cWe are pleased and honored to expand our relationship with AVRS Partners through this investment,\u201d said BXP Chairman & CEO, Owen Thomas, in a statement.<\/p>\n

The two companies have a history of working together: They share ownership of the General Motors Building at 767 Fifth Ave., a Manhattan landmark currently valued at $3.7 billion, according to recent filings.<\/p>\n

AVRS Founder, Edmund Safra, made a point of highlighting the importance of this partnership following this latest deal: \u201cBXP has been a valued partner to my family for more than a decade.\u201d<\/p>\n

During the summer, BXP obtained a $1.2 billion construction loan<\/a> for the property that carries a variable interest rate, dependent upon construction and leasing benchmarks being met. The financing has a four-year term with a one-year extension option. Wells Fargo was the main lender, joined by the likes of BofA Securities, Bank of New York Mellon and JPMorgan Chase.<\/p>\n

The project has faced some headwinds since its inception. For instance, Norway\u2019s sovereign wealth fund, Norges Bank, pulled out of its commitment to be a 45% partner for the construction of 343 Madison.<\/p>\n

Nevertheless, interest for the project remains high with the owners managing to secure several important tenants. To that end, last December, insurance firm Starr signed a deal to lease 275,000 square feet within the planned office tower. The company then expanded its initial footprint to a total of 320,000 square feet across 14 floors, becoming the project\u2019s anchor tenant.<\/p>\n

Chicago-based law firm McDermott Will & Schutte also signed up for 150,000 square feet at 343 Madison<\/a> last summer, and BXP is currently in negotiations for two more tenants. If successfully closed, these deals would bring the property\u2019s occupancy rate up to 70%.<\/p>\n","protected":false},"excerpt":{"rendered":"

AVRS Partners acquired an 11% stake in a planned 46-story, Class-A, Manhattan, N.Y., office space owned by BXP. The 930,000-square-foot development project at 343 Madison Ave. is set to be completed by 2029 and will cost an estimated $2 billion.<\/p>\n","protected":false},"author":56,"featured_media":52977,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-52976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nAVRS Takes 11% Stake in BXP-Owned Office Tower - 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