SL Green Partners with Mori Building on $175M Midtown Office Tower
Event summary
- SL Green sold 49% of 346 Madison Avenue project to Mori Building for $175M, retaining 51% control.
- 46-story tower will feature 850K rentable sq. ft., all-electric design, and high sustainability certifications.
- Project includes luxury amenities like a Michelin-star chef épicerie, wellness center, and padel court.
- KPF will design the tower, building on prior collaborations with SL Green and Mori Building.
The big picture
This partnership marks Mori Building's first New York development, combining SL Green's Manhattan expertise with Mori's Vertical Garden City concept. The $175M deal reflects confidence in East Midtown's office market recovery, particularly for high-end, amenity-rich towers. The project's sustainability focus aligns with growing tenant preferences for WELL-certified workspaces.
What we're watching
- Market Demand
- How tenant demand for premium office space will affect leasing velocity and rental rates at 346 Madison.
- Execution Risk
- The pace at which construction and sustainability certifications progress against timeline and budget.
- Strategic Alignment
- Whether SL Green and Mori Building can successfully merge their distinct urban development philosophies.
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