Asset Manager Nearwater Expands Within SL Green Portfolio, Shifting to 245 Park Avenue

Asset Manager Nearwater Expands Within SL Green Portfolio, Shifting to 245 Park Avenue

Nearwater Management, a New York asset management firm, has signed an eight-year lease for roughly 37,600 square feet covering the full 28th floor of SL Green Realty’s 245 Park Avenue, according to the Manhattan office landlord. The deal relocates the firm from One Vanderbilt, another SL Green property located about four blocks south near Grand Central Terminal.

The transaction represents a significant footprint increase for Nearwater, which occupied 17,289 square feet at One Vanderbilt since its 2021 lease there — a signing that came when asking rents in the trophy tower ranged between $150 and $200 per square foot at the time.

SL Green did not disclose the rent terms on the new lease. For context, CBRE’s most recent report put the average asking rent for Midtown Manhattan office space at $86.18 per square foot in the second quarter of 2026.

JLL’s Alexander Chudnoff and Harrison Potter advised Nearwater in the negotiations. Bruce Mosler, Harry Blair, Ron LoRusso, Justin Royce and Pierce Hance of Cushman & Wakefield represented SL Green. JLL declined to comment on the transaction, and Cushman & Wakefield did not immediately respond to inquiries.

The lease adds to a string of recent signings at 245 Park Avenue, which sits just north of Grand Central. In March, the Carlyle Group committed to 150,036 square feet in the building, and private equity firm EQT Partners signed for 38,358 square feet in November 2025.

The deal is a notable mark in the leasing column for SL Green, Manhattan’s largest office landlord, which has been working to fill space across its Grand Central-adjacent portfolio. Both brokerage houses involved in the transaction — JLL and CBRE — operate in the commercial real estate services sector; CBRE Group shares traded up 1.44% at $142.13 recently, while Jones Lang LaSalle shares rose 1.75% to $347.11.

What to watch

• SL Green’s upcoming quarterly earnings, which may detail leasing velocity and occupancy trends at 245 Park Avenue and One Vanderbilt.
• Whether additional financial-services tenants follow Carlyle, EQT and Nearwater into the Grand Central submarket.
• CBRE’s next Midtown rent report for updated asking-rent benchmarks.
• Any announced move-in timeline or build-out plans for Nearwater’s 28th-floor space.

Source: original release