We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SL Green's Mori JV Boosts 346 Madison Project, Trims Equity Exposure
Read MoreHide Full Article
Key Takeaways
SL Green formed a JV with Mori Building for the 346 Madison Avenue development project.
SLG will retain a 51% stake and serve as developer and lease manager for the new tower.
346 Madison Avenue will feature luxury amenities and span 850,000 rentable square feet.
SL Green Realty (SLG - Free Report) recently announced that it has entered into a joint venture (JV) with Mori Building Co., Ltd., Japan’s leading urban landscape developer, for the development of 346 Madison Avenue. With 51% interest, at a gross valuation of $175 million, SLG will play the role of developer and lease manager in the above arrangement. The two parties to the JV will collectively contribute their expertise and design capabilities.
Located one block from Grand Central Terminal and across from One Vanderbilt, 346 Madison Avenue is equipped with amenities like a 215-seat auditorium, a lushly landscaped terrace, a tenant lounge, a luxury wellness center and a world-class restaurant. KPF will helm the design of the new 46-floor tower stretching around 850,000 rentable square feet.
The joint venture is strategically significant for SL Green. By selling a minority stake while retaining operational control, the company can reduce its equity exposure to the Madison Avenue development, improve balance sheet flexibility and potentially redeploy proceeds into other value-accretive opportunities. The deal also strengthens the project’s profile through Mori Building’s design and development capabilities.
Given the continued tenant preference for modern, well-located and amenity-rich office properties, the JV is likely to enhance the appeal of 346 Madison Avenue and support SL Green’s long-term East Midtown growth strategy.
Over the past three months, shares of this Zacks Rank #3 (Hold) office REIT have rallied 20.2% compared with the industry’s gain of 2.4%.
The Zacks Consensus Estimate for WPC’s 2026 FFO per share is pegged at $5.26. This implies year-over-year growth of 5.8%.
The consensus estimate for PLD’s 2026 FFO per share is pinned at $6.18. This calls for a year-over-year increase of 6.4%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
View the Zacks #1 Rank List
Image: Bigstock
SL Green's Mori JV Boosts 346 Madison Project, Trims Equity Exposure
Key Takeaways
SL Green Realty (SLG - Free Report) recently announced that it has entered into a joint venture (JV) with Mori Building Co., Ltd., Japan’s leading urban landscape developer, for the development of 346 Madison Avenue. With 51% interest, at a gross valuation of $175 million, SLG will play the role of developer and lease manager in the above arrangement. The two parties to the JV will collectively contribute their expertise and design capabilities.
Located one block from Grand Central Terminal and across from One Vanderbilt, 346 Madison Avenue is equipped with amenities like a 215-seat auditorium, a lushly landscaped terrace, a tenant lounge, a luxury wellness center and a world-class restaurant. KPF will helm the design of the new 46-floor tower stretching around 850,000 rentable square feet.
The joint venture is strategically significant for SL Green. By selling a minority stake while retaining operational control, the company can reduce its equity exposure to the Madison Avenue development, improve balance sheet flexibility and potentially redeploy proceeds into other value-accretive opportunities. The deal also strengthens the project’s profile through Mori Building’s design and development capabilities.
Given the continued tenant preference for modern, well-located and amenity-rich office properties, the JV is likely to enhance the appeal of 346 Madison Avenue and support SL Green’s long-term East Midtown growth strategy.
Over the past three months, shares of this Zacks Rank #3 (Hold) office REIT have rallied 20.2% compared with the industry’s gain of 2.4%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are W.P. Carey (WPC - Free Report) and Prologis Inc. (PLD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for WPC’s 2026 FFO per share is pegged at $5.26. This implies year-over-year growth of 5.8%.
The consensus estimate for PLD’s 2026 FFO per share is pinned at $6.18. This calls for a year-over-year increase of 6.4%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.