Dylan Robert Burzinski

Dylan Robert Burzinski questioned why BXP plans to seek a capital partner for 343 Madison Avenue in 2026, suggesting that given the tight availability and rent growth in New York, it might be more beneficial to delay finding a partner.

Answer

CEO Owen Thomas explained that BXP is being patient, having preliminary discussions with interested investors but not rushing, as the asset is appreciating, leasing is successful, and markets are improving. He noted that while development draws will accelerate next year, 2026 will be an appropriate time to finalize an investment. President Douglas Linde added that finding a partner aligns with BXP's three objectives: growing earnings, funding 343 Madison, and reducing leverage.

Dylan Robert Burzinski questioned BXP's rationale for seeking a capital partner for the 343 Madison Avenue development in 2026, given the tight availability and likely continuing rent growth in that New York submarket.

Answer

Owen Thomas (CEO, BXP Inc) stated that BXP is being patient, having preliminary conversations with interested investors but not rushing the process as the asset is appreciating and leasing is progressing. He noted that while development draws will accelerate next year, 2026 is deemed an appropriate time to finalize an investment. Douglas Linde (President, BXP Inc) added that finding a partner aligns with BXP's objectives to grow earnings, fund 343 Madison, and reduce leverage.