BXP Sells 10.6% Stake in $2B Madison Avenue Tower to AVRS
BXP sits 16% above its 52-week low of $49.72.
Summary
BXP closed the sale of a 10.6% equity interest in its 343 Madison Avenue development to AVRS Partners, a New York real estate firm. The $2.0 billion, 930,000 sq ft tower is 56% pre-leased with LOIs that could push that to 70%. BXP keeps full control and management fees, and the deal reduces its required equity commitment while adding financial flexibility. This follows the $1.2 billion construction loan closed in July 2026. BXP may sell additional minority stakes in the project.
At the time of this announcement, BXP was trading at $57.70 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $9.2B. The 52-week trading range was $49.72 to $74.96. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.