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Piper Sandler downgrades Boston Properties, $64 price target; sells 10.6% stake in Midtown Manhattan project.

Market News
19 Oct 2026
Andrew Wynn
View Source
Neutral
Piper Sandler downgrades Boston Properties, $64 price target; sells 10.6% stake in Midtown Manhattan project.

Piper Sandler downgraded Boston Properties from Overweight to Neutral and set a $64 price target, about 8.1% above its current share price. Boston Properties sold a 10.6% equity stake in its $2 billion 343 Madison Avenue office tower development in Midtown Manhattan to AVRS Partners. The 46-story tower, expected to be completed in 2029, has secured leases for about half of its 930,000 square feet at $200 per square foot, providing committed tenants before completion. The sale price of the stake was not disclosed, and the project is funded by a $1.2 billion construction loan.

The update on Boston Properties and its 343 Madison Avenue development is offered here with Pluang's Real Estate sector data for context. For readers following this sector, as of Oct 19, 2026 19:42 WIB, 15 of 47 US Real Estate stocks on Pluang rose while 20 fell. Essex Property Trust (ESS) traded at USD 267.74 with a slight decline of 0.63%, contrasting with CareTrust REIT (CTRE) which gained 0.60% to USD 36.77, and Welltower Inc. (WELL) which dropped 0.57% to USD 233.50, with typical hold times ranging from 4 to 112 days on Pluang.

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