Specialty finance firm Nearwater Capital is relocating its New York City office to 245 Park Ave., a recently redeveloped office tower owned by SL Green Realty Corp. adjacent to Grand Central Terminal. The company has committed to a 37,563-square-foot lease comprising the entire 28th floor, transitioning from its current space at SL Green’s One Vanderbilt.
Nearwater is moving from approximately 17,000 square feet at One Vanderbilt, more than doubling its New York City office footprint. The larger full-floor premises at 245 Park Ave. are intended to accommodate the firm’s rapid growth while preserving a high-profile presence in a Midtown trophy asset.
The relocation keeps Nearwater within SL Green’s portfolio and in close proximity to Grand Central Terminal, maintaining strong transportation access for employees and clients. The building’s redevelopment, combined with its Midtown location and full-floor layout, is positioned to support Nearwater’s efforts to attract and retain talent in a competitive labor market.
SL Green has repositioned 245 Park Ave. as a modern office tower, and Nearwater’s lease underscores continued tenant interest in upgraded assets in core transit-served locations. The company will retain its status as a full-floor tenant, shifting that configuration from One Vanderbilt to the 28th floor of 245 Park Ave.
On the tenant side, Nearwater Capital was represented by JLL. Vice Chairman Alexander Chudnoff and Executive Vice President Harrison Potter led the assignment for the firm. Their role included advising Nearwater on its space needs and negotiating the terms of the new full-floor lease at 245 Park Ave.
SL Green was represented by a Cushman & Wakefield team that included Bruce Mosler, Tara Stacom, Ron LoRusso, Harry Blair, Justin Royce and Pierce Hance. In addition, David Kaufman and Zach Freeman of SL Green participated in representing the landlord. The combination of external brokerage professionals and in-house representation reflects the significance of the leasing commitment for the redeveloped Midtown tower.
Speaking to the importance of workplace quality in corporate decision-making, Chudnoff noted that companies competing at the highest level for talent increasingly view the office as a critical factor. He cited the redevelopment of 245 Park Ave., its immediate access to Grand Central Terminal and Nearwater’s ability to continue its relationship with SL Green as key elements that made the location the right fit for the tenant.
