SL Green Realty Corp. and Japan's Mori Building Co. are moving forward with plans to construct a new 46-story office tower at 346 Madison Avenue in New York City, with demolition of existing structures set to begin in the third quarter of this year. The project, which encompasses 850,000 square feet, is expected to be completed by the third quarter of 2031. Steven Durels, SL Green's leasing director, highlighted that the tower will feature extensive amenities, including nine floors with terraces, nine with loggias, a luxury wellness center, and a 215-seat auditorium. Additionally, a fast-casual dining spot operated by renowned chef Daniel Boulud will be included, with speculation about a potential world-class restaurant on the ground floor. This development is part of a larger trend of office redevelopment in the Madison Avenue area, driven by its proximity to SL Green's One Vanderbilt and the new JP Morgan Chase headquarters. SL Green chairman Marc Holliday confirmed that Mori Building Co. will acquire a 49% stake in the project, while SL Green will manage development and leasing.