The 46-story Midtown tower is 56% pre-leased and carries $1.2 billion in construction financing, Commercial Observer reported.
Boston Properties closed the sale of a 10.6% interest in 343 Madison Avenue to AVRS Partners, our records show.
Commercial Observer reported that the 46-story Midtown tower is 56% pre-leased and carries $1.2 billion in construction financing.
The report does not disclose the price AVRS paid for the stake.
Reported by The Wrap desk from Commercial Observer and our records. Published . Corrections
The 46-story Midtown project is 56% pre-leased and has $1.2 billion in construction financing, Commercial Observer reported.
BXP expects $700 million to $750 million for the 1.2 million-square-foot tower, about $583 to $625 per square foot.
BXP sold a 10.6% stake in 343 Madison Avenue to AVRS Partners at a $2 billion valuation, and Aviator House opened as Washington, D.C.'s first completed Housing in Downtown conversion.
No strategy, sector or term is disclosed for the $1.25 billion commitment.
Neither firm disclosed a commitment or a target size, and the Chrysler Building comes first as JLL reports Manhattan trophy vacancy at a 4.9% cycle low.
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