{"id":826539,"date":"2026-05-27T23:29:13","date_gmt":"2026-05-27T23:29:13","guid":{"rendered":"https:\/\/www.europesays.com\/us\/826539\/"},"modified":"2026-05-27T23:29:13","modified_gmt":"2026-05-27T23:29:13","slug":"sl-green-sells-49-stake-in-346-madison-avenue-to-mori-building-co-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/826539\/","title":{"rendered":"SL Green Sells 49% Stake in 346 Madison Avenue to Mori Building Co. \u2013 Commercial Observer"},"content":{"rendered":"<p dir=\"auto\"><strong><a href=\"https:\/\/commercialobserver.com\/company\/sl-green-realty\/\" title=\"SL Green Realty\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">SL Green Realty<\/a><\/strong> has sold a 49 percent stake in <strong>346 Madison Avenue<\/strong> to Japanese developer <strong><a href=\"https:\/\/commercialobserver.com\/company\/mori-building-company\/\" title=\"Mori Building Company\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Mori Building Company<\/a><\/strong> at a gross valuation for the office tower of $175 million, SL Green announced Wednesday.<\/p>\n<p dir=\"auto\">The two companies will form a joint venture to develop a new 46-story, 850,000-square-foot office tower at the Midtown site one block away from <strong>Grand Central Terminal<\/strong>.<strong> KPF<\/strong> will design the tower.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/05\/bridge-city-capital-loan-greenpoint-72-west-street\/\" rel=\"nofollow noopener\" target=\"_blank\">Bridge City Capital Provides $21M Loan for Greenpoint Dev Site<\/a><\/p>\n<p dir=\"auto\">As part of the deal, SL Green, New York City\u2019s largest office landlord, will keep a 51 percent stake in the project and serve as the development and leasing manager, according to the firm.<\/p>\n<p dir=\"auto\"><a target=\"_blank\" href=\"https:\/\/www.google.com\/maps\/search\/346+Madison+Avenue?entry=gmail&amp;source=g\" rel=\"noopener nofollow\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.google.com\/maps\/search\/346%2BMadison%2BAvenue?entry%3Dgmail%26source%3Dg&amp;source=gmail&amp;ust=1780005177535000&amp;usg=AOvVaw1otF5_9ArfmE8qBC1fzmqH\">\u201c346 Madison Avenue<\/a> will set a new benchmark for innovative office development in East Midtown, and Mori Building is the ideal partner to join us in the realization of that vision,\u201d <strong>Marc Holliday<\/strong>, chairman and CEO of SL Green, said in a statement. \u201cTenant demand for the highest-quality, best-located and most thoughtfully designed buildings far exceeds available supply. This is the perfect moment for SL Green and Mori Building to conceive and build the next great New York City office building.\u201d<\/p>\n<p dir=\"auto\">Once complete, the new office tower across the street from SL Green\u2019s <strong>One Vanderbilt<\/strong> is expected to feature a two-floor amenity center including a 215-seat auditorium, a tenant lounge, an outdoor terrace and a fitness center. A \u201cworld-class restaurant\u201d will occupy ground-floor retail space, according to SL Green.<\/p>\n<p>\u201cWe are pleased to advance Mori Building\u2019s first development project in New York alongside SL Green,\u201d said <strong>Shingo Tsuji<\/strong>, president and CEO of Mori. \u201cBy uniting the expertise and networks of both SL Green, a driving force in shaping Manhattan\u2019s urban landscape, and Mori Building with its deep experience in large-scale urban development in Tokyo, we will create a new landmark that defines\u00a0<a target=\"_blank\" href=\"https:\/\/www.google.com\/maps\/search\/New+York+City.+346+Madison+Avenue?entry=gmail&amp;source=g\" rel=\"noopener nofollow\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.google.com\/maps\/search\/New%2BYork%2BCity.%2B346%2BMadison%2BAvenue?entry%3Dgmail%26source%3Dg&amp;source=gmail&amp;ust=1780005177536000&amp;usg=AOvVaw2KWAIkiO1rhE4s2lyTfSTG\">New York City.<\/a>\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"SL Green Realty has sold a 49 percent stake in 346 Madison Avenue to Japanese developer Mori Building&hellip;\n","protected":false},"author":3,"featured_media":826540,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5122],"tags":[339419,5229,130138,405,403,5226,5225,5228,5227,339420,67,586,132,5230,68,2969],"class_list":["post-826539","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-346-madison-avenue","tag-america","tag-marc-holliday","tag-new-york","tag-new-york-city","tag-newyork","tag-newyorkcity","tag-ny","tag-nyc","tag-shingo-tsuji","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116649144013345251","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/826539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=826539"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/826539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/826540"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=826539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=826539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=826539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}