BXP, Inc. has secured a $1.2 billion construction loan for its 343 Madison Avenue development in Midtown Manhattan. The planned 46-story, approximately 930,000-square-foot premier workplace tower is set to offer direct access to Grand Central Terminal.

This financing is a significant step for the $2 billion project. "We are pleased to complete this financing, which reflects the quality of 343 Madison Avenue, continued confidence in BXP's development platform, and our ability to secure attractive financing terms," stated Mike La Belle, Executive Vice President and CFO of BXP. The loan features a four-year initial term with an extension option and competitive interest rates. BXP anticipates delivering the project in late 2029.

The development is already experiencing strong leasing activity, with approximately 50% of the building pre-leased. The financing involved multiple lead arrangers and agents, including Wells Fargo Bank, N.A., BofA Securities, Inc., The Bank of New York Mellon Corporation, and JPMorgan Chase Bank, N.A. Designed by Kohn Pedersen Fox, the tower will feature hospitality-forward amenities and market-leading sustainability features, targeting LEED Platinum and other high certifications.