• BXP announced that it had signed an approximately 275,000 square foot, 20-year lease with Starr for its under-construction 343 Madison Avenue office tower in Midtown Manhattan, where Starr will occupy floors 16 through 27 as its New York headquarters with delivery targeted for late 2029.
• This long-duration anchor lease highlights ongoing tenant appetite for high-end, sustainability-focused office space in prime Manhattan locations, reinforcing BXP’s role among premier office REITs.
• We’ll now examine how securing Starr as a 20-year anchor tenant at 343 Madison Avenue influences BXP’s existing investment narrative.

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BXP Investment Narrative Recap

To own BXP, you need to believe that high quality, amenity rich, sustainable office towers in gateway markets will keep attracting tenants even as the broader office sector struggles. The Starr lease at 343 Madison helps validate demand for BXP’s premier developments but does little to change near term focus on backfilling vacancies, stabilizing new projects, and managing the capital and leasing risk tied to its large development pipeline.

The most directly relevant recent update is BXP’s plan to release Q4 2025 results on January 27, 2026, followed by a conference call the next day. In light of the Starr lease, that call gives investors a timely chance to hear how management frames leasing progress at 343 Madison, overall occupancy trends, and the development funding plan relative to the existing risks around capital allocation and leverage.

Yet this sits alongside a less visible issue that investors should be aware of, namely the capital intensity and balance sheet pressure that could arise if...

BXP's narrative projects $3.7 billion revenue and $368.8 million earnings by 2028. This requires 2.5% yearly revenue growth and a $363.9 million earnings increase from $4.9 million today.

Uncover how BXP's forecasts yield a $79.43 fair value, a 18% upside to its current price.

Exploring Other Perspectives

Four fair value estimates from the Simply Wall St Community span roughly US$40 to US$96 per share, showing just how far apart individual views can be. When you set those against the importance of leasing and capital allocation risk at 343 Madison, it becomes clear why it helps to compare several independent perspectives before deciding how BXP might fit into your portfolio.

Explore 4 other fair value estimates on BXP - why the stock might be worth as much as 43% more than the current price!

Build Your Own BXP Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your BXP research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free BXP research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate BXP's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.