SL Green Realty Corp, Mori Building Form Joint Venture for Office Real Estate Development at 346 Madison Avenue

NEW YORK — SL Green Realty Corp has formed a joint venture with Mori Building Co., Ltd. for a new office real estate development at 346 Madison Avenue in New York City's East Midtown submarket, the company announced May 27.

The development, which SL Green described as a trophy office tower, continues the firm's expansion of what it characterized as its premier East Midtown portfolio. Financial terms of the joint venture, including the equity split and construction financing details, were not disclosed in the announcement.

Office Real Estate Development in East Midtown

The 346 Madison Avenue project represents a new development, according to the announcement. The property is located in East Midtown, a Manhattan submarket. SL Green did not disclose the planned square footage, building height, or anticipated completion timeline for the project in its announcement.

SL Green's East Midtown Portfolio Strategy

SL Green's announcement positions 346 Madison Avenue as part of its expansion of its East Midtown portfolio. The joint venture structure and the nature of any land, air rights, or existing asset contributions were not addressed in the announcement.

Mori Building's Involvement

Mori Building Co., Ltd. is described as a joint venture partner in the 346 Madison Avenue development. Additional details regarding Mori Building's role, capital contribution, or ownership stake in the joint venture were not disclosed in the announcement.

What Remains Undisclosed

Several details were not included in the announcement. The project's total square footage, programmatic mix, target completion date, preleasing activity, preferred return structures, and construction debt arrangements were all undisclosed. Whether SL Green is contributing land, air rights, or an existing asset to the joint venture was also not addressed.

SL Green Realty Corp trades on the New York Stock Exchange under the ticker SLG.

Sources: SL Green Realty Corp via GlobeNewswire, May 27, 2026