BXP leases 150,000 sq ft to McDermott at 343 Madison
BXP has leased 150,000 square feet to McDermott Will & Schulte at 343 Madison Avenue, bringing the building to 56% pre-leased. The firm will occupy floors 31-37 starting October 2029. Starr also expanded its occupancy to 320,000 square feet.
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BXP has signed a lease for approximately 150,000 square feet with McDermott Will & Schulte at 343 Madison Avenue in New York City. The firm will occupy floors 31 through 37 of the 930,000 square foot premier workplace, which is currently under construction. This lease brings the building to 56% pre-leased, underscoring strong leasing momentum in the Grand Central corridor.
Hilary Spann, Executive Vice President, New York Region at BXP, stated that McDermott Will & Schulte's commitment highlights the sustained flight to quality in the market. She noted that Midtown Manhattan and the Grand Central corridor continue to outperform as demand concentrates around best-in-class assets with exceptional transit access. The building will provide direct access to Grand Central Terminal's Madison Concourse between 44th and 45th Streets.
McDermott's footprint will feature more than 330 offices, spanning seven floors with versatile conference facilities and a large outdoor terrace. The lease is a component of McDermott's campus strategy, linking their occupancy in an adjacent property through Grand Central Terminal. The firm expects to begin occupying the new space in October 2029.
Ira Coleman, chairman of McDermott Will & Schulte, said the expansion comes amid rapid growth in their New York presence, where the firm has increased its footprint tenfold over the past decade. He emphasized that the new space combines innovation, scale, and client focus in a vibrant, technology-enabled environment.
McDermott Will & Schulte joins Starr, who signed a 275,000 square foot lease at 343 Madison in December 2025. Starr recently exercised an expansion option for an additional two floors, comprising approximately 46,000 square feet, bringing their total occupancy to 320,000 square feet over fourteen floors.
Key Lease Details at 343 Madison Avenue
| Tenant | Lease Size (sq ft) | Floors | Status |
|---|---|---|---|
| McDermott Will & Schulte | 150,000 | 31–37 | New Lease |
| Starr | 320,000 | 14 floors | Expanded |
Designed by Kohn Pedersen Fox, the 46-story tower will offer a hospitality-forward amenity program and market-leading sustainability features. Sustainability features include a fully electric design with zero on-site combustion and a high-efficiency direct outside air system. Target certifications include LEED Platinum, Well Core, Energy Star 85+, Fitwel, and WiredScore Platinum. BXP expects to deliver 343 Madison in late 2029.
With 343 Madison now 56% pre-leased, what rental rates is BXP achieving compared to older Class A assets in the Grand Central corridor?
Will the success of McDermott's campus strategy prompt other professional services firms to pursue multi-tower footprints linked by transit hubs?
How will the fully electric, zero-combustion design impact the building's operating costs and attractiveness to tenants with strict ESG mandates?
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