Financial Services Firm Nearwater Takes 17K SF at One Vanderbilt

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Nearwater Capital — a fast-expanding financial services company — will relocate its offices from the Seagram Building at 375 Park Avenue to 17,289 square feet at One Vanderbilt, SL Green Realty Corp.’s newly completed $3 billion tower.

The finance company signed a seven-year lease for part of the 33rd floor of the 77-story Midtown East tower, The Real Deal first reported. Asking rent for the deal was slightly less than the $150 to $200 per square foot the building usually commands, a spokesperson for tenant broker JLL said.

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Nearwater moved its offices twice since 2018 and the One Vanderbilt is its biggest lease yet. The finance company will move into its new digs in early 2022. 

The deal brings One Vanderbilt — which SL Green opened during the coronavirus pandemic — to 73 percent leased. Other tenants include SL Green; banking and investment firm TD Securities; and private equity firms The Carlyle Group, KPS Capital Partners, Oak Hill Advisors and InTandem Capital

Jim Peterson and the Nearwater team have done an excellent job building their business, [and] clearly they have very high-end tastes,” JLL’s Kip Orban, who brokered the deal for the tenant, told Commercial Observer. “They were really attracted to One Vanderbilt for its proximity to Grand Central, as a lot of their employees’ commute … The world-class amenities in the base of the building, as well as the restaurant that’s being added, [are] just a nice way to continue to keep their brand elevated and provide their employees with a nice workspace to come back to.”

Nearwater Capital was represented by Alexander Chudnoff and Orban of JLL. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE handled it for  SL Green. Brokers from CBRE did not immediately respond to a request for comment.