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The 49% Mori stake reduces SLG's standalone equity risk on the project while preserving development/lease fees; long development horizon supports earnings visibility; potential near-term upside from JV economics and premium leasing demand in a revitalized Madison corridor.
What happened, with direct paths to the underlying reporting
SLG and Mori Building launched a joint venture to develop an 850,000-square-foot, 46-story office tower on Madison Avenue, with completion expected in late 2031. Demolition begins in Q3, and the building will feature extensive amenities and a Daniel Boulud–led Epicerie tenant space. The partnership highlights a longer-term NYC prime-office thesis and could boost SLG's development pipeline and fee-related income.
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