Investment advisor commits to 12,455-SF in boutique, Union Square office property
JLL today announced it has completed the lease-up of Zero Irving, the newly-developed mixed-use building at 124 East 14th St. in Manhattan’s Union Square neighborhood, securing a 12,455-square-foot, full-floor lease with Senator Investment Group, an investment firm founded in 2008.
Senator will relocate from 510 Madison Ave. to occupy the entire 20th floor of Zero Irving in Q1 2025.
The transaction brings the 270,000-square-foot office tower to full occupancy less than two years after completion of the 21-story property. Zero Irving was developed by RAL Development Services and JRE Partners® (successor to Junius Real Estate Partners) in response to a New York City Economic Development Corporation competitive RFP process. The joint venture partners invested over $200 million into the development to establish a market-leading innovation hub designed to provide a home for fast-growing technology companies and leading financial investment firms.
JLL Vice Chairman Mitchell Konsker, Executive Managing Directors Benjamin Bass and Dan Turkewitz, Senior Vice Presidents Kristen Morgan and Carlee Palmer represented ownership in the lease with Senator Investment Group. The tenant was represented by Ben Friedland, Silvio Petrillo and Joseph D’Apice from CBRE.
“Zero Irving’s bold vision for dynamic, contemporary office space has led to incredible leasing success,” said Bass. “Ownership’s foresight, commitment and execution has brought the project to 100% occupancy with a fantastic tenant roster.”
Robert Levine, RAL’s Chairman and CEO said, “Zero Irving delivers on the city’s vision of a 21st century office building, providing NYC jobs, a technology hub and market-leading tenant ecosystem. It’s an example of how public and private organizations can work together to create exceptional outcomes. We are proud to have been able to develop it and want to thank the EDC for their trust in us, and the JLL leasing team for their work in helping deliver this extraordinary outcome.”
According to the leasing team, some of the key elements that led to the success of Zero Irving include the amenities. Zero Irving has a 6,300-square-foot, tenant-only rooftop Sky Lounge that overlooks Union Square, Irving Place and the Manhattan skyline, a tenant-only fitness center with lockers and showers, bike room, impactful double-height spaces on alternating floors, private outdoor terraces throughout the building, cutting edge infrastructure and LEED Gold certification.
Other tenants of Zero Irving include fintech firm Melio, software company Sigma Computing, several other top-tier technology and financial services users and Civic Hall, which runs an 85,000-square-foot digital training center.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
About RAL Development Services
RAL Development Services LLC (RAL), http://ralcompanies.com/, is a real estate development firm with a three-generation, 40+ year track record of success in building complex, high-profile projects nationally and internationally. RAL’s multidisciplinary in-house expertise includes predevelopment and approvals, urban planning, architecture and design, finance, construction management, landscape architecture, marketing and leasing, and property management. RAL operates both as a principal owner/developer and as an owner’s representative, bringing its expertise to residential, commercial, mixed-use, planned communities, Resorts and hospitality, and other property types. RAL prides itself on its dedication to the communities it works with, creating strong and lasting relationships with local constituencies wherever they build, as well as employing union labor and collaborating with MWBE contractors when possible. RAL uses and believes in cutting-edge processes and technologies, but never substitutes them for the experience, ingenuity, creativity, passion, leadership, and professional judgment provided by its people.
About JRE Partners
JRE Partners is a privately owned and operated real estate investment management business with expertise in real estate acquisition, development/redevelopment, financing, operations, marketing, and capital markets. Formed in 2022, JRE Partners is the successor operating business to Junius Real Estate Partners, a direct real estate investment division established within JPMorgan in 2022. JRE Partners originates and manages direct investments in U.S. commercial and residential real estate through managed investment funds on behalf of a global investor base.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
