SL Green Realty Corp. (NYSE: SLG) completed the sale of a 49% joint venture interest in the development of 346 Madison Avenue to Mori Building Co., Ltd. at a gross valuation of $175 million, according to a company statement. SL Green will retain a 51% interest in the project and serve as development and leasing manager.

The development site is located one block from Grand Central Terminal and across from One Vanderbilt. KPF will design the 46-floor tower, which will contain approximately 850,000 rentable square feet with column-free floorplates featuring 15-22 foot ceiling heights.

"346 Madison Avenue 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," said Marc Holliday, Chairman and Chief Executive Officer of SL Green Realty Corp.

Shingo Tsuji, President and Chief Executive Officer of Mori Building Co., Ltd., said the project represents Mori Building's first development project in New York. The Tokyo-based company has previously developed projects including Roppongi Hills, Toranomon Hills, and Shanghai World Financial Center.

The building design includes nine terrace floors, nine floors with loggias, a 215-seat auditorium, and tenant amenities including a lounge with an épicerie operated by chef Daniel Boulud. The wellness center will feature a fitness center and what the companies describe as the only regulation size padel court within an office building.

As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet in Manhattan, according to the statement.