BXP Inc. has signed a 20‑year lease with Starr, a global investment and insurance organization, for approximately 275,000 square feet of space at its 343 Madison Avenue development in Midtown Manhattan. The lease covers floors 16 through 27 of the 930,000‑square‑foot tower, giving Starr its new New York headquarters and direct access to Grand Central’s Madison Concourse between 44th and 45th Streets.
The 275,000‑square‑foot commitment represents roughly 30 % of the building’s total floor area and secures a high‑profile tenant for a project that is still under construction. The lease’s long‑term duration and sizable footprint reinforce BXP’s strategy of anchoring its flagship properties with premium tenants in the city’s gateway markets, a key driver of the company’s occupancy and cash‑flow targets.
BXP’s portfolio occupancy was about 87 % at the end of 2025, and the company has projected a modest increase in 2026. The Starr lease is expected to contribute to that growth by adding stable, long‑term income to the 343 Madison Avenue project, which is slated for delivery in late 2029. While the lease does not dramatically shift BXP’s overall occupancy outlook, it provides a tangible boost to the company’s core asset pipeline and demonstrates continued demand for high‑quality office space in Midtown.
"Starr’s commitment to 343 Madison underscores the strength of this location and the enduring demand for high‑performance workplaces in Midtown," said Hilary Spann, Executive Vice President, New York Region, BXP. "We are honored to continue to serve as home to Starr’s New York headquarters, and together we’re creating a next‑generation environment that will elevate how people work, connect, and thrive in New York City."
BXP has faced financial challenges in recent years, including a low Altman Z‑Score and high debt levels, prompting the company to reduce its dividend to fund the 343 Madison Avenue development. The Starr lease win, however, provides a counterbalance by adding a creditworthy tenant and reinforcing the company’s focus on premium, long‑term leases in its core markets.
The 343 Madison Avenue tower is designed by Kohn Pedersen Fox and targets LEED Platinum, WELL Core, Energy Star 85 +, Fitwel, and WiredScore Platinum certifications. The building will be fully electric with zero on‑site combustion, aligning with BXP’s sustainability commitments and enhancing its appeal to tenants seeking environmentally responsible office space.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.