Developer Pushes Ahead with Large Madison Ave Office Development

The 99-year ground lease for the Metropolitan Transportation Agency (MTA)-owned site at 343 Madison Avenue has been finalized by Boston Properties. An undisclosed “leading global real estate investor” will be partnering on the project as a 45% stakeholder. Despite the sluggish office market, Boston Properties is pushing forward with the project, and reportedly having “preliminary discussions with potential anchor tenants.” A 49-story, 982,000-square-foot tower reaching a linear height of 812-feet is planned for the site according to filed plans in August 2022, somewhat smaller than the special permit the City Council approved in November 2021 for a 55-story, 1,050-foot-tall tower. As part of the ground lease requirements, the project will also include the construction of a direct entrance to Grand Central Madison’s Long Island Rail Road concourse.