Developer Mori Building, based in Tokyo, has announced its first development project in the United States, joining with Manhattan-based real estate firm SL Green Realty Corp. to develop a new office high-rise at 346 Madison Avenue in Midtown Manhattan.

 

Located steps from Grand Central Terminal, the project will introduce a 46-story office building rising 293 meters (962 feet) and delivering approximately 79,000 square meters (850,000 square feet) of rentable space in one of New York City’s most transit-connected business districts.

 

Holdings a 49 percent stake in the joint venture, Mori Building deepens a relationship that began in 2024 when the company acquired an ownership interest in One Vanderbilt, SL Green’s flagship office development adjacent to Grand Central. The new project represents a significant milestone for the developer as it expands beyond its established portfolio in Japan and Asia into North America.

 

Designed by Kohn Pedersen Fox Associates (KPF), the building is planned as a next-generation workplace, featuring large floor plates, premium amenities, conference facilities, a fitness center, and a restaurant fronting Madison Avenue. Its location places it within the continuing transformation of Midtown East, where a series of zoning reforms have encouraged the replacement of aging office stock with higher-density, transit-oriented commercial development. It is expected to be completed in 2031.

 

While 346 Madison Avenue is a single-building development rather than a district-scale project, its proximity to one of the world’s busiest transportation hubs aligns with many of the same principles that have guided Mori Building’s work elsewhere: concentrating activity around transit, creating highly connected urban environments, and investing in long-term city-building strategies. The project reflects an urban development philosophy that extends beyond individual buildings. Over several decades, the company has become known for creating large-scale, mixed-use districts in Tokyo, including award-winning projects like Toranomon Hills (2023 CVU Award of Excellence, Best Tall Building, 100-199 meters),  Azabudai Hills (2024 CVU Award of Excellence, Best Tall Building, 300+ meters and Best Tall Building, Asia)

Read more at Mori Building.Â