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

# Nearwater Management Expands Footprint Within SL Green's Manhattan Portfolio

Nearwater Management, an asset management firm, is consolidating its New York presence by relocating within SL Green Realty Corp.'s office portfolio. The company signed an eight-year lease for 37,563 square feet on the entire 28th floor at 245 Park Avenue in Midtown Manhattan, according to the REIT.

The move marks an internal shuffle for Nearwater, which previously occupied space at One Vanderbilt, SL Green's flagship development in Midtown East. By relocating to 245 Park Avenue, Nearwater gains dedicated, full-floor occupancy in a prime Midtown location while remaining within the same landlord's holdings.

245 Park Avenue stands as one of Manhattan's most recognizable office towers, located in Midtown's core at the intersection of Park Avenue and 47th Street. The 52-story building, completed in 1960, represents the type of mid-century Class A office space that has become increasingly valuable to corporations seeking full-floor layouts and modern amenities. SL Green has maintained the property as part of its substantial Manhattan portfolio, which encompasses more than 30 million square feet across numerous assets.

The eight-year lease term anchors Nearwater to the location through at least 2032, providing SL Green with long-term revenue stability during a period when Manhattan office landlords have worked to fill vacancy. The full-floor commitment demonstrates tenant confidence in the building and the neighborhood, particularly in an era when many financial services and asset management firms have remained flexible about office requirements.

For Nearwater, the entire floor provides operational advantages. Consolidating onto a single, dedicated level simplifies logistics, improves employee collaboration, and eliminates the inefficiencies of split-location operations. Asset management firms, which typically require secure data infrastructure and specialized trading or portfolio management operations, benefit from full-floor control over security and operational systems.

SL Green, led by CEO Marc Holliday, has focused on retaining and attracting tenants through selective capital investments in its buildings. The company's strategy emphasizes high-quality Midtown Manhattan properties with strong tenant bases. Nearwater's decision to renew and expand within SL Green's portfolio, rather than seek space elsewhere, signals confidence in both the landlord's service model and the long-term viability of Midtown as a financial services hub.

The transaction also reflects broader trends in Manhattan's office market. While headline vacancy rates have remained elevated post-pandemic, full-floor deals and lease renewals among creditworthy financial services tenants continue to execute. Asset managers and hedge funds, in particular, have shown sustained appetite for premium Manhattan office space, supporting Class A properties like 245 Park Avenue.

Nearwater's presence at 245 Park Avenue adds to SL Green's tenant roster at the location, which includes financial services, professional services, and investment management firms. The building's proximity to Grand Central Terminal and its strong transportation connectivity make it attractive to companies relocating or consolidating operations within Manhattan.

The lease provides SL Green with occupancy confirmation during a period when the REIT has reported mixed leasing momentum across its portfolio. Retaining existing tenants, particularly creditworthy asset management firms like Nearwater, reduces pressure on landlords to offer excessive concessions to backfill space.