Financial services firm trades one Midtown skyscraper for another.
Nearwater Capital, which works with private equity firms, hedge funds and major banks, has signed a 17,300 square foot seven-year lease at SL Green’s One Vanderbilt. The company will occupy part of the 33rd floor of the 58-story office tower.
Terms of the deal were not disclosed, but asking rents at One Vanderbilt ranged from $ 150 to north of $ 200 per square foot, according to the developer. Alexander Chudnoff and Kip Orban of JLL negotiated the deal for the tenant.
Nearwater Capital first leased approximately 4,000 square feet in Lever House at 390 Park Avenue in 2017, before moving to a 5,500 square foot office in the Seagram Building at 375 Park Avenue in 2018. Last summer, the company s ‘is extended in this building. employees could reenter safely.
Now that is moving again as the business grows, said James Peterson, founder and managing partner of the company.
“We believe the most efficient way to work is in the office, as a group,” said Peterson, noting that about 90 percent of its 20-plus employees have returned to the office since July. “We are an intellectual capital company. We collaborate. And the best way to collaborate is to be in the same physical environment. “
Peterson’s sentiment is not shared by all office tenants; many are still hesitant to make long-term commitments due to the pandemic. Manhattan office availability hit a record high 16% in the first quarter, according to Colliers International.
And according to a recent Savills survey of around 120 tech companies, 47% said they would need less office space in the near future because some of their employees would be working remotely.
SL Green, along with its partners Hines and the National Pension Service of Korea, opened the 1.7 million square foot skyscraper in September. In January, it was about 73% leased. The companies are preparing to refinance the 58-story tower with approximately $ 2.25 billion in debt.