Nearwater Management, an asset manager, has taken up a new office space spanning 37,563 square feet (SF) at 245 Park Avenue. This move occurs within SL Green Realty's portfolio, as Nearwater Management was previously located at One Vanderbilt. The new lease for the entire 28th floor of 245 Park Avenue is for eight years, as announced by the Real Estate Investment Trust (REIT). The two buildings are only approximately four blocks apart.
SL Green did not provide details on the asking rent for the building, which is located north of Grand Central Terminal. According to a CBRE report, the average prime office rent in Midtown was $86.18 per square foot in the second quarter of 2026.
Nearwater Management was represented by Alexander Chudnoff and Harrison Potter of JLL. For SL Green, Bruce Mosler, Harry Blair, Ron LoRusso, Justin Royce, and Pierce Hance of Cushman & Wakefield negotiated the deal. JLL declined to comment, while Cushman & Wakefield did not immediately respond to a request.
The move represents a significant expansion for Nearwater. In 2021, the company leased 17,289 square feet of office space at One Vanderbilt. At that time, asking rents in this prestigious property ranged between $150 and $200 per square foot. One Vanderbilt, officially located at 1 Vanderbilt Avenue, is near the southwest corner of Grand Central Terminal.
245 Park Avenue already hosts other notable tenants. These include the global investment firm Carlyle Group, which leased 150,036 square feet in March, and the private equity firm EQT Partners, which signed a 38,358 square foot agreement in November 2025.
