NEW YORK | 346 Madison | 962 FT | 46 FLOORS

[ajbeaver25]

As if vandy didn't already look dated when it opened...

But I'm still excited for the density so this is still a plus for me

[The New York Lion]

The current design is what they're planning to build per SL Green's earnings call today.

Conference Operator: Thank you. One moment for our next question. Our next question will come from the line of Seth Bergey from Citi. Your line is open.

Analyst, Various: Hi, thanks for taking my question. You know, it might be a little early, but just in the context of you know, one of your peers who owns a site across the street, and now it’s in pre-leasing. I guess, could you talk a little bit about kind of any early indications of demand for the 346 Madison Avenue development site?

Marc Holliday, Chairman and Chief Executive Officer, SL Green Realty Corp.: Well, advanced demand for 346.

Analyst, Various: For this version.

Marc Holliday, Chairman and Chief Executive Officer, SL Green Realty Corp.: Well, we just debuted it last week. I hope everyone liked the design and, you know, it’s. We closed, I think, in September or October. Somebody can correct me. You know, within those few months, we conducted a fulsome design competition, went through a range of different designs to get to something that, you know, we settled on as being something that we think is really going to be, you know, world-class to, you know, to try and stay within the spirit of doing, you know, efficient buildings, but really attractive buildings and well-amenitized, et cetera. We’re excited for this project. We think it’s the right project at the right time.

I think we just formally unveiled it last week, and I know, Steve, your phone’s been ringing, and you’ve had some pre-conversation, so, you know, where are we at?

Steve, Leasing Team Leader, SL Green Realty Corp.: Yeah, I... Listen, my only wish is that we had the building built and ready to go today, because there’d be more than enough demand to fill it. Just to give you a sense of the kind of large tenant demand that’s out there, there are 250 tenants that are being tracked in the market right now, covering 26 million sq ft of tenant demand. Of that, there are 32 tenants with requirements over 250,000 sq ft, and another 37 tenants with requirements between 100,000 and 250,000 sq ft. There is a dearth of supply for high quality, particularly large block spaces.

If you, if you look at the high end of the market, you know, the best of the best part of the market, there’s a 3.7% availability rate, and there are no 100,000 sq ft blocks in what’s considered the best of the best part of the market. So consequently, you know, let’s get the building built because we’ll fill it like, you know, pronto.

Analyst, Various: Great. Thanks for taking my question.

[ChiND]

I think this looks decent, but I find it hard to believe that the adjacent building won’t be incorporated into this project. If Aby developed his project separately, it would eclipse all north-bound views from 346.

P.S.: Holliday is a poor speaker. He frequently says: “You know.”

[Busy Bee]

Yeah that guy sounds like an idiot. That's embarrassing.

[ChiND]

Originally Posted by Busy Bee

Yeah that guy sounds like an idiot. That's embarrassing.

I suspect that he’s a brilliant guy, but he’s a poor speaker.

Anyway, the questioner added “ For this version…,” but Holliday didn’t address that part of the inquiry. I’m sure that he can’t discuss negotiations with Aby.

[NYguy]

Even though they seem to be moving quickly here, New York developers aren't doing enough to address the short supply new office space...


https://finance.yahoo.com/news/sl-green-realty-q4-earnings-070803882.html

Management also discussed early interest in its 346 Madison Avenue development site, which Holliday said was formally unveiled recently. Leasing leadership said it wished the project were already built, arguing demand for high-quality large blocks is constrained.

The company cited market tracking showing 250 tenants representing 26 million square feet of demand, including 32 tenants seeking more than 250,000 square feet.

[ChiND]

Mark Holliday’s interview on CNBC today:

https://www.msn.com/en-us/money/news/sl-...d=69b01e95a4b44a3bad02de7cb6adeeb5&ei=10

[NYguy]

https://www.financialcontent.com/article...-realty-corp-slg-in-2026#google_vignette

346 Madison Avenue: The company’s newest major development project is a 900-foot-tall tower that will integrate the latest in carbon-capture technology and ultra-fast digital infrastructure to attract AI-driven tenants.

[ChiND]

Originally Posted by NYguy

https://www.financialcontent.com/article...-realty-corp-slg-in-2026#google_vignette

I wonder if 900 feet is just for the site that SLG owns or if it also includes Aby’s adjacent site.

[Crawford]

900 ft. would be pretty nice. Supertall would be better, but 900 ft. would give skyline presence.

[NYguy]

https://finance.yahoo.com/markets/stocks/articles/sl-green-realty-q1-earnings-200427830.html

SL Green Realty Q1 Earnings Call Highlights]


April 16, 2026

Development updates: 346 Madison


Holliday emphasized the lack of new office supply expected in Midtown Manhattan over the next several years, saying there were “0 new space deliveries anticipated for the next 3 years.” He said that, with projects such as the Rolex Building and 520 Fifth Avenue now complete and other major projects not expected to deliver until 2029 or 2030, “it is simply physically impossible for any other new construction to be delivered between now and the end of 2029 in Midtown Manhattan.”

Against that backdrop, Holliday said SL Green was moving “at a very rapid pace” on its 346 Madison Avenue development. The company expects to issue “100% schematic design on May 1st,” about six months after acquiring the site, and to file into the city’s ULURP land use approval process by year-end. Holliday said the company had already begun outreach to select potential tenants and brokers and was receiving “extremely good feedback.” He said financial details would likely follow once the project is priced with a construction manager and trade feedback is received.

SL Green (SLG) Q1 2026 Earnings Call Transcript


April 16, 2026

Marc Holliday:

.....There are zero new space deliveries anticipated for the next three years, with recently completed projects like the Rolex building, 525 Fifth Ave, now in the rearview, and new projects like 343 Madison and 625 Madison not expected to complete until sometime around 2029 or 2030. It is simply physically impossible for any other new construction to be delivered between now and 2029 in Midtown Manhattan. This presents us with one of the most favorable dynamics we have seen in quite some time. Therefore, we are proceeding at a very rapid pace on our very own project at 346 Madison, our next great office tower.

We just closed on the site in the fall, and already we are issuing a 100% schematic design on May 1, just six months from the acquisition, and proceeding immediately into design development. We expect to be filing the project into ULURP, the city's land use approval process, by the end of this year.

That is a much faster pace than we achieved with One Vanderbilt. I am also very happy with the way the design programming of the building is progressing. We have already been out talking to select potential tenants and top brokers, presenting the project and getting extremely good feedback confirming we are heading in the right direction with this new development.

I expect on the next call to be able to give you some financial details after we price the project with our construction manager and obtain some major trade feedback in the coming months.

.....There are tenants in that 150,000 to 250,000 to 500,000 square foot range and 1 million square foot users, but you have to have the inventory, which is why we are leasing up the portfolio so rapidly, and why we launched so quickly on Madison, where we will have 850,000 square feet of brand-new state-of-the-art space to deliver right across the street from One Vanderbilt.

[ChiND]

Hopefully, SLG will reveal the design on May 1st. I guess they're proceeding without Abby's site to the north.

... we are issuing a 100% schematic design on May 1, just six months from the acquisition, and proceeding immediately into design development.

https://finance.yahoo.com/markets/st...200427830.html

I suspect that this is basically what it will look like.

[ChiND]

Hopefully, we'll get some news today.

... we are issuing a 100% schematic design on May 1, just six months from the acquisition, and proceeding immediately into design development.

https://finance.yahoo.com/markets/st...200427830.html

[NYguy]

https://www.manilatimes.net/2026/05/28/t...evelopment-at-346-madison-avenue/2353142

SL Green and Mori Building Co., Ltd. Form Joint Venture for New Development at 346 Madison Avenue


BY GLOBENEWSWIRE
MAY 28, 2026

SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it 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, uniting the collective vision, design capabilities and development expertise of both firms.

”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. "Tenant demand for the highest-quality, best-located, and most thoughtfully designed buildings far exceeds available supply. This is the perfect moment for SL Green and Mori Building to conceive and build the next great New York City office building.”

"We are pleased to advance Mori Building's first development project in New York alongside SL Green," said Shingo Tsuji, President and Chief Executive Officer of Mori Building Co., Ltd. "By uniting the expertise and networks of both SL Green, a driving force in shaping Manhattan's urban landscape, and Mori Building with its deep experience in large-scale urban development in Tokyo, we will create a new landmark that defines New York City."

346 Madison Avenue is located one block from Grand Central Terminal and across from One Vanderbilt, making it the single best development site in midtown Manhattan.

KPF will design the new 46 floor tower, which will be approximately 850,000 rentable square feet with side core, column-free floorplates featuring 15’-22’ ceiling heights. The all-electric building will achieve the highest level of sustainability and WELL certifications.

The building’s unique design includes 9 terrace floors, 9 floors with loggias and oversized windows throughout. A two-floor, best-in-class amenity offering includes a 215-seat auditorium, tenant lounge with an épicerie operated by famed Michelin star chef Daniel Boulud and complemented with a lushly landscaped terrace overlooking Madison Avenue. A luxury wellness center will feature a tenant-only fitness center, the only regulation size padel court within an office building together with spa quality locker rooms. Additionally, a world-class restaurant is expected to occupy the ground floor. The combination of cutting-edge design, healthy workplace infrastructure and exceptional amenity offerings will make 346 Madison the unrivaled leader for the next generation of office development.

"346 Madison Avenue is a singular opportunity to design a new tower of lasting architectural significance just steps from Grand Central Terminal,” said James von Klemperer, President, KPF. "Building on our partnership with SL Green at One Vanderbilt and One Madison Avenue, and with Mori Building on various projects around the world including Tokyo and Shanghai, the design will ensure 346 Madison sets a new standard for office quality while enhancing the New York City skyline and the surrounding neighborhood.”

[ChiND]

I wonder if this includes Aby's building to the north.

[TKD]

Originally Posted by ChiND

I wonder if this includes Aby's building to the north.

I'm relatively certain that it was mentioned before that this project does not include the site to the north. You've asked that several times.

It only encompasses the footprint of what is on the render.

[ChiND]

Originally Posted by TKD

I'm relatively certain that it was mentioned before that this project does not include the site to the north. You've asked that several times.

It only encompasses the footprint of what is on the render.

I’m aware that I had asked it previously. I was wondering if anyone who is working on the project had information that was not yet recorded on ACRIS.

It seems that Aby (or a successor of his) could build a tower that completely blocks 346’s views to the north.

It will be interesting to see how close the final product is to this.

[ChiND]

https://therealdeal.com/new-york/2026/05...ith-mori-building-on-346-madison-avenue/

SL Green brought its frequent partner Mori Building in to help develop its latest office tower.

The REIT sold a 49 percent stake in the project at 346 Madison Avenue to Mori Building, which has teamed up with SL Green on One Vanderbilt and 245 Park Avenue.

https://www.costar.com/article/72546892/...adison-avenue-project-near-grand-central

SL Green sells 49% stake in ground-up Madison Avenue project in New York
Planned tower to be Mori Building’s first development in city

SL Green Realty, Manhattan’s largest office landlord, has sold a 49% stake in its planned ground-up office tower near Grand Central Terminal.

Japan’s Mori Building — also a holder of a stake in SL Green’s nearby One Vanderbilt — acquired the minority interest, forming a joint venture on 346 Madison Ave., an 850,000-square-foot, 46-story tower planned one block from Grand Central and across from One Vanderbilt, SL Green said Wednesday. SL Green will retain 51% and project control.

The deal implies a gross valuation of $175 million; a spokesperson for SL Green declined to provide more details. It marks Mori Building’s first ground-up development in New York, according to Shingo Tsuji, the company’s president and chief executive.

“By uniting the expertise and networks of both SL Green, a driving force in shaping Manhattan’s urban landscape, and Mori Building with its deep experience in large-scale urban development in Tokyo, we will create a new landmark that defines New York City,” Tsuji said in a statement.

The planned tower follows SL Green’s acquisition last year of the former Brooks Brothers flagship site and an adjacent property. It comes as demand for top-tier offices near transit hubs such as Grand Central continues to drive leasing in Manhattan. Vacancy for premium East Midtown properties fell to 3.4% at the first quarter's end, SL Green Chief Executive Marc Holliday said in April.

That scarcity has pushed top office rents above $320 per square foot, including recent deals at One Vanderbilt.

“Tenant demand for the highest-quality, best-located, and most thoughtfully designed buildings far exceeds available supply,” Holliday said in Wednesday’s statement.

Other major projects are also planned nearby.

BXP is developing 343 Madison Ave., a 930,000-square-foot tower with direct access to Grand Central. Vornado is planning a 1.85 million-square-foot tower at 350 Park Ave. with Rudin and Citadel, though Citadel has recently signaled the project is not yet guaranteed.

Designed by Kohn Pedersen Fox, the new tower will feature side-core, column-free floor plates and ceiling heights ranging from 15 to 22 feet. The all-electric building will include nine terrace floors and nine additional floors with loggias, along with oversized windows.

Amenities will span two floors and include a 215-seat auditorium, a tenant lounge with a convenience store operated by Michelin-starred chef Daniel Boulud, and a landscaped terrace overlooking Madison Avenue.

A wellness center will include a tenant-only fitness facility and a regulation-size padel court — a rarity in office buildings. A ground-floor restaurant is also planned.

If this is what will rise, it looks pretty good.

[Crawford]

IMO the rendering is kinda meh. I hope the final version is better.

But 900 ft. is good height and SL Green + Mori is a pretty impressive collab. Mori is the top Tokyo developer, and SL Green among the top in NYC.

[ChiND]

Originally Posted by Crawford

IMO the rendering is kinda meh. I hope the final version is better.

But 900 ft. is good height and SL Green + Mori is a pretty impressive collab. Mori is the top Tokyo developer, and SL Green among the top in NYC.

Let’s keep our fingers crossed for something even better.