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BXP Sells Minority Stake in $2B 343 Madison Ave. Development
BXP has closed the sale of a 10.6% equity interest in the development of 343 Madison Ave. in Midtown Manhattan to AVRS Partners, a New York-based real estate investment firm. Terms were not disclosed; the 46-story office project is valued at $2 billion.
The transaction expands BXP’s existing relationship with AVRS, which now holds an interest in two of the REIT’s most significant Manhattan properties. An affiliate of AVRS is also a joint venture partner with BXP in the General Motors Building at 767 Fifth Ave.
“343 Madison Avenue demonstrates the strength of BXP’s development platform and our ability to execute complex projects that create value for our shareholders and joint venture partners,” said Owen Thomas, chairman and CEO, BXP. “With the project already substantially pre-leased and on track for delivery on time and on budget, we are building a premier workplace that reflects the needs of today’s leading companies. We are pleased and honored to expand our relationship with AVRS Partners through this investment.”
BXP said it may sell additional minority interests in the project in the future.
- ◦Sale/Acquisition
- ◦Development
