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.
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