Nearwater Management Takes 38K SF at SL Green’s 245 Park Avenue

Nearwater Management did not have to look far for a new office.

The asset management firm is moving within SL Green Realty’s portfolio from One Vanderbilt to 37,563 square feet on the entire 28th floor at 245 Park Avenue on an eight-year lease, according to the real estate investment trust (REIT). The two buildings are about four blocks apart.

SL Green did not disclose the asking rent for the building just north of Grand Central Terminal, but the average office asking rent in Midtown was $86.18 per square foot in the second quarter of 2026, according to a report from CBRE.

Alexander Chudnoff and Harrison Potter of JLL represented the tenant, while Cushman & Wakefield’s Bruce Mosler, Harry Blair, Ron LoRusso, Justin Royce and Pierce Hance negotiated on behalf of SL Green.

JLL declined to comment, while C&W did not immediately respond to a request for comment.

The move will be an expansion for Nearwater, which leased 17,289 square feet of office space at One Vanderbilt in 2021, when asking rent in the tower was between $150 to $200 per square foot. The trophy office building, which has an official address of 1 Vanderbilt Avenue, sits near the southwest corner of Grand Central.

Tenants at 245 Park include global investment firm the Carlyle Group taking 150,036 square feet in March and private equity firm EQT Partners inking 38,358 square feet in November 2025.

Mark Hallum can be reached at mhallum@commercialobserver.com.