Kuiper Belt Object (385446) Manwë-Thorondor is a multi-object system with mutual events predicted to occur from 2014 to 2019. To detect the events, we observed the system at 4 epochs (Oct 6) in g, r, and VR bands using the 4-m SOAR and the 8.1-m Gemini South telescopes at Cerro Pachón, Chile and Lowell Observatory's 4.3-m Discovery Channel Telescope at Happy Jack, Arizona. These dates overlap the uncertainty range (±0.5 d) for four inferior events (Thorondor eclipsing Manwë). We clearly observe variability for the unresolved system with a double-peaked period 11.88190 ± 0.00005 h and ~0.5 mag amplitude together with much longer-term variability. Using a multi-component model, we simultaneously fit our observations and earlier photometry measured separately for Manwë and Thorondor with the Hubble Space Telescope. Our fit suggests Manwë is bilobed, close to the "barbell" shape expected for a strengthless body with density ~0.8 g/cm 3 in hydrostatic equilibrium. For Manwë, we thereby derive maximum width to length ratio ~0.30, surface area equivalent to a sphere of diameter 190 km, geometric albedo 0.06, mass 1.4x10 18 kg, and spin axis oriented ~75 deg from Earth's line of sight. Changes in Thorondor's brightness by ~0.6 mag with ~300-d period may account for the system's long-term variability. Mutual events with unexpectedly shallow depth and short duration may account for residuals to the fit. The system is complex, providing a challenging puzzle for future modeling efforts.