SL Green brings Mori Building in as partner on Madison Ave office development

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. The deal values the property — which will eventually give way to an 850,000-square-foot office tower — at $175 million. “Tenant demand for the highest-quality, best-located, and most thoughtfully designed buildings far exceeds available supply,” said SL Green CEO Marc Holliday, who added that now is “the perfect time” to develop the tower. […]

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