Key facts
- Mori Building is undertaking its first development project in the United States at 346 Madison Avenue in New York City.
- The project is a joint venture with SL Green Realty Corp., Manhattan's largest office landlord, with Mori Building holding a 49% stake.
- The planned 46-story skyscraper will be 293 meters (962 feet) tall and offer approximately 850,000 square feet of rentable area.
- The development is designed by Kohn Pedersen Fox Associates and is anticipated to be completed in 2031.
- Mori Building has previously invested in SL Green's One Vanderbilt Avenue.
Mori Building, a leading Japanese urban developer, has announced its first development project in the United States: a new office tower at 346 Madison Avenue in Midtown Manhattan. The company is partnering with SL Green Realty Corp., the largest office landlord in Manhattan, on the project, which is valued at over 100 billion yen ($628 million).
Mori Building will hold a 49% stake in the joint venture, which aims to create a new landmark by combining the development expertise of both firms. This partnership builds on Mori Building's previous investment in SL Green's One Vanderbilt Avenue, acquired in 2024 and 2025.
The planned 46-story skyscraper, designed by Kohn Pedersen Fox Associates, will stand 293 meters (962 feet) tall on a 1,980 sq. m. (21,270 sq. ft.) site. It is expected to offer approximately 79,000 sq. m. (850,000 sq. ft.) of total rentable area, featuring world-class office standards, premium amenities, and a restaurant. The project is slated for completion in 2031.
Mori Building, guided by its philosophy of creating and nurturing cities, has a history of developing large-scale urban centers in Tokyo and other Asian cities. The company sees this New York project as a way to strengthen its overseas portfolio and explore future business expansion in North America, while also bringing its unique development DNA to the U.S. market.
The deal comes as Japanese firms are increasing their investment in U.S. real estate assets. Japan was the second-largest international investor in U.S. real estate in 2025, according to MSCI data. The demand for high-quality, well-located office space in Manhattan remains strong, with tenant demand exceeding available supply.