Law Firm McDermott Will & Schulte Negotiating 150K SF at BXP’s 343 Madison Avenue

Why It Matters

Securing a major law‑firm tenant solidifies BXP’s financing outlook and showcases the appeal of net‑zero, amenity‑rich towers amid limited office inventory. It also signals a shift toward consolidated, high‑profile professional services occupying flagship Midtown locations.

Key Takeaways

• McDermott Will & Schulte eyes 150k sf at 343 Madison.
• Lease would cover six of the tower’s 46 floors.
• BXP’s net‑zero tower opens 2029 with Grand Central access.
• C.V. Starr already occupies 275k sf, anchoring the building.
• Manhattan office market faces scarce expansion space for large tenants.

Pulse Analysis

The 343 Madison Avenue project marks BXP’s most ambitious Midtown venture to date. The 844‑foot, Kohn Pedersen Fox‑designed tower will be fully electric and certified net‑zero, offering column‑free floors, a direct entrance to Grand Central’s Madison Concourse, and a hospitality‑infused interior that mimics a luxury resort. Construction began in July on the $2 billion, 930,000‑square‑foot structure, and the building is slated for completion at the end of 2029. Early momentum came from C.V. Starr, which signed a 275,000‑square‑foot anchor lease earlier this year, signaling confidence in the asset’s premium positioning.

Law firm McDermott Will & Schulte is now in advanced negotiations to lease roughly 150,000 square feet, enough to span six of the tower’s 46 stories. Represented by Newmark, the firm would become the second major tenant after C.V. Starr, consolidating space that was previously split between SL Green‑owned towers at 919 Third Avenue and One Vanderbilt. The merger that created McDermott Will & Schulte in August 2025 combined two large practices, yet the new lease still falls short of housing both legacy components, prompting some partners to depart for rivals such as Dechert.

The deal underscores a tightening Manhattan office market where few floors remain available for expansion. Large professional services firms are increasingly seeking buildings that blend sustainability, technology and amenity‑rich environments, and BXP’s resort‑style concept directly addresses that demand. As other landlords scramble to retrofit older towers, the 343 Madison lease pipeline could set a benchmark for future high‑end office transactions. For investors, the presence of anchor tenants like C.V. Starr and a marquee law firm enhances the tower’s risk profile, potentially boosting BXP’s long‑term valuation as the city’s office inventory remains constrained.