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Boston Properties Files Plans for Ex-MTA HQ Site

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Boston Properties CEO Owen Thomas with 343 Madison Avenue (Boston Properties, Getty Images)

It’s been a long road, but Boston Properties is one step closer to building a large office tower on the site of the former Metropolitan Transit Authority headquarters.

Developers submitted plans Friday for a 982,000-square-foot office building at 343 Madison Avenue in Cranes. reportThe building will be 780 feet high, lower than the developer’s original plan for a 1,050-foot-tall property.

The first floor contains retail space, while the remainder of the Kohn Pedersen Fox-designed building houses office and mechanical space. Construction is expected to be finished by 2026.

Last year, Boston Properties Submitted a land use application For the Midtown site, we would like to replace the former MTA HQ site and three adjacent lots with a super-tall tower. Developers had originally proposed a 925,000-square-foot building, which reduced the height but increased the square footage.

In early 2021, Boston Properties filed for demolition of three buildings at the development site, including the 15-story building that once housed the MTA’s headquarters.

The MTA reportedly purchased 347 Madison Avenue for $11.9 million in 1979 and the adjacent sites for $12.25 million and $23.75 million, respectively, in 1991. Call for bids Dismantle and rebuild the site. The MTA moved to 2 Broadway, but continued to pay approximately $4 million to keep the original building.

Boston Properties was the winning bidder in 2016, but the city objected to questions about the developer’s property tax burden.After the pandemic took a financial toll on the City and the MTA, both sides reached an agreement to move forward.

The site is projected to generate more than $1 billion in revenue for the MTA on a 99-year ground lease. Proceeds from the lease will help capital improvements such as widening the staircases in several subway sections of Grand Central and expanding the passageway for 7 trains.

— Holden Walter Warner

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