BXP, the largest Class A office owner in the country, has sold a 10.6 percent stake in 343 Madison Avenue, a planned 46-story, 930,000-square-foot office development in Midtown Manhattan that is expected to cost roughly $2 billion, to AVRS Partners. 

“We are pleased and honored to expand our relationship with AVRS Partners through this investment,” BXP Chairman and CEO Owen Thomas said in a statement.

AVRS, which was founded by Edmond M. Safra in 2023, also owns equity stakes in 77 Water Street in Manhattan’s Financial District and also in One Willoughby Square, Brooklyn’s tallest office tower.

This is not the first deal between BXP and AVRS: The firms share ownership in the General Motors Building at 767 Fifth Avenue in Manhattan, an office property valued at $3.7 billion, according to recent filings by BXP. 

“BXP has been a valued partner to my family for more than a decade,” Safra said in a statement. “I’m honored that AVRS is now building on that relationship, and we look forward to the development of 343 Madison Avenue.”

The equity infusion from ABRS comes just weeks after Commercial Observer reported BXP secured $1.2 billion in construction financing for 343 Madison Avenue from Wells Fargo, Bank of America Securities, Bank of New York Mellon and J.P. Morgan Chase. 

Sitting just west of Grand Central Terminal between East 44th Street and 45th Street, 343 Madison is in the heart of the Midtown office corridor, near iconic office towers such as One Vanderbilt and the MetLife Building at 200 Park Avenue. 

343 Madison Avenue has not yet begun construction but has already secured several strong leases. C.V. Starr signed a 275,000-square-foot deal in October to anchor the property, and law firm McDermott Will & Schulte took roughly 150,000 square feet there in April. 

Overall, the building is 56 percent pre-leased. 

343 Madison Avenue is one of several new office towers planned for the Midtown East corridor, including Vornado and Citadel’s 350 Park Avenue, RXR’s 175 Park Avenue, and SL Green’s 346 Madison Avenue. 

The BXP and AVRS development is expected to be completed in 2029. 

Brian Pascus can be reached at bpascus@commercialobserver.com.