New York Construction Report staff writer
BXP has begun vertical construction on a 46-story, 930,000-sq. ft. office tower at 343 Madison Ave., a project that will provide direct access to Grand Central Terminal’s Madison Concourse.
The high-rise, located between East 44th and 45th Streets in Midtown Manhattan, is designed by Kohn Pedersen Fox and will include 40 floors of office space. Podium levels will offer up to 27,500 sq. ft. of leasable space, while typical high-rise floors will span approximately 21,500 sq. ft.
BXP says the development will feature hospitality-style amenities and sustainable design elements.
Plans call for a double-height, tenant-only club on the uppermost floors with indoor and outdoor areas, terraces overlooking Midtown, and a full-service food and beverage program. Additional amenities will include a café in the lobby, bicycle storage with cabanas and showers, and private terraces on select office floors.
The project is one of BXP’s latest investments in New York City, where the company continues to focus on high-performance workplaces with a focus on tenant wellness and connectivity.
“We are thrilled to move forward with vertical construction of 343 Madison,” said Owen Thomas, BXP chairman and CEO, in a statement. “At the best-positioned office development site in New York, BXP will deliver a premier workplace that represents a strong and significant value creation opportunity for BXP’s shareholders.”
The company said it has signed a letter of intent with an unnamed investment-grade financial institution to anchor the building, taking about 30% of the space in the lower-middle portion of the tower.
BXP said the tenant commitment marks a major milestone and underscores strong market interest in the development.
“The unprecedented level of client interest and the strong commitment of our anchor client underscore 343 Madison’s position as New York’s next iconic address,” said Hilary Spann, BXP executive vice president for the New York region.
Sustainability is a central focus for the project, which is designed to be fully electric with no on-site combustion. The building will use high-efficiency outside air systems and incorporate climate resiliency and health-focused features. BXP is targeting several green certifications, including LEED Platinum, WELL Core, Energy Star 85+, Fitwel and WiredScore Platinum.
343 Madison is being developed on the former site of a Metropolitan Transportation Authority building, which was demolished in recent years as part of a larger redevelopment effort around Grand Central.
