Owen D. Thomas Of BXP Leases 150,000 Square Feet To McDermott Will & Schulte In Midtown Manhattan
343 Madison Avenue
Building Size
150,000 SF
Asset Type
Office
Closing
Jun 16, 2026
About this deal
AI
The asset involved in this transaction is an office property located at 343 Madison Avenue, Midtown Manhattan. The lease covers a substantial area of 150,000 square feet within the office tower, which is part of a larger development totaling 930,000 square feet. The building is currently 56% pre-leased ahead of its completion scheduled for 2029.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 343 Madison Avenue
- Market: Midtown Manhattan
- Asset Size: 150,000 square feet
- Landlord: Owen D. Thomas - BXP
- Tenant: McDermott Will & Schulte
This lease agreement marks a significant commitment from the law firm McDermott Will & Schulte in the Midtown Manhattan market. Owen D. Thomas represents the landlord BXP in this transaction, facilitating the agreement for this considerable office space.
On the Map
Office
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Players
Madison Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93