---
title: "Nearwater Management Takes 38K SF at SL Green’s 245 Park Avenue"
url: https://burnaze.com/article/969f4133-fad0-4f30-a96d-7adbc18627fe
source: "Commercial Observer"
original_url: https://commercialobserver.com/2026/09/nearwater-lease-sl-green-245-park-avenue/
author: "Mark Hallum"
category: "Business Services"
industry: "Business Services"
published: 2026-09-16T17:09:13.000Z
modified: 2026-10-31T13:18:36.428Z
image: https://commercialobserver.com/wp-content/uploads/sites/3/2026/09/Bruce-Mosler-Alexander-Chudnoff-245-Park-Ave-credit-Jim-S-CO.jpg?quality=80&resize=1200%2C630&strip=
---

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

**TL;DR:** Nearwater Management is moving to 37,563 square feet on the entire 28th floor at 245 Park Avenue on an eight-year lease, relocating from One Vanderbilt within SL Green Realty's portfolio. The move is an expansion for Nearwater, which previously leased 17,289 square feet of office space at One Vanderbilt in 2021.

*By Mark Hallum, originally published in Commercial Observer on 2026-09-16. [Read the original](https://commercialobserver.com/2026/09/nearwater-lease-sl-green-245-park-avenue/).*

## Story

**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. SL Green’s **David Kaufman** and **Zach Freeman** repped the landlord in-house alongside **Cushman & Wakefield**’s **Bruce Mosler**, **Tara Stacom**, **Harry Blair**, **Ron LoRusso**, **Justin Royce** and **Pierce Hance**.

“We are honored to have been able to partner with Nearwater on its New York City real estate strategy,” Chudnoff said in a statement to Commercial Observer. “For companies competing at the highest level for talent, the office has become an increasingly important part of the equation. The redevelopment of 245 Park, its location at Grand Central and the opportunity to continue its relationship with SL Green made this the right fit.”

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.

Keywords: 245 Park Avenue, Alexander Chudnoff, Bruce Mosler, David Kaufman, Harrison Potter, Harry Blair, Justin Royce, One Vanderbilt, Pierce Hance, Ron LoRusso, Tara Stacom, Zach Freeman, Cushman & Wakefield, JLL, Nearwater Capital, Nearwater Management, SL Green Realty

## Entities

- Real Estate (sector)
- Commercial Observer (publication)
- JLL (company)
- portfolio expansion (topic)
- Mark Hallum (person)
- Cushman & Wakefield (company)
- relocation (topic)
- SL Green Realty (company)
- office lease (topic)
- Nearwater Management (company)
- One Vanderbilt (location)
- 245 Park Avenue (location)

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Originally reported by Mark Hallum, Commercial Observer (https://commercialobserver.com/2026/09/nearwater-lease-sl-green-245-park-avenue/). Summarized by Burnaze (https://burnaze.com/article/969f4133-fad0-4f30-a96d-7adbc18627fe).