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New York & Tri-State  + Midtown New York  + Office  |  May 27, 2026
Paul Bubny
By: Paul Bubny

SL Green Sells 49% Stake in East Midtown Development

SL Green Realty Corp. has closed on the sale of a 49.0% joint venture interest in the development of 346 Madison Avenue to Mori Building Co., Ltd., Japan’s leading urban landscape developer, at a gross valuation of $175.0 million.  SL Green will retain a 51.0% interest in the project and will serve as the development and leasing manager. The project will be a collaboration between SL Green and Mori Building.

“346 Madison Ave. 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 CEO of SL Green. “Tenant demand for the highest-quality, best-located, and most thoughtfully designed buildings far exceeds available supply.”

346 Madison is located one block from Grand Central Terminal and across from One Vanderbilt. KPF will design the new 46-floor tower, which will be approximately 850,000 rentable square feet.

Read More News Stories About: SL Green Realty Corp
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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