RAL Development Services (RAL) has launched Zero Irving, its mixed-use Union Square development that includes a tech training center and incubator.
The top 14 floors of the 21-story building will offer state-of-the-art, market rate office space designed to attract industry-leading corporate and creative tenants within the tightest submarket in the country.
Zero Irving’s lower floors will offer a tech-focused digital skills training center, a tech incubator, co-working spaces, event space, and an urban food hall.
In addition, Zero Irving will be offering flexible office space within the market-rate offering on the building’s upper floors. The flexible office space, distinguished by shorter terms and lesser credit requirements, is available both for growing companies that have graduated from the incubator or co-working spaces, and for traditional office tenants occupying the building
“Growth companies as well as established firms can certainly benefit from flexible office space,” said Spencer Levine, president of RAL. “We view the flexible office offering at Zero Irving as an economic boost for second stage companies and a further amenity for traditional companies.”
Zero Irving is the result of RAL’s successful response to an RFP issued by NYCEDC. The project is expected to help create over 500 jobs in Union Square, fueling the growth and continued diversification of New York City’s tech sector by providing accessible tech training and space for companies to grow and hire within the building.
The digital skills training center will span three floors. The center will feature programming from providers such as Per Scholas, FEDCAP, CUNY, and Mouse. Together, these training opportunities will develop a talent pipeline between New Yorkers and the city’s burgeoning tech ecosystem.
The 240,000 square feet development is fully financed and currently under construction, with delivery expected in late 2020. RAL and its equity partner previously secured $120 million of construction financing from Bank OZK and simultaneously entered into a long-term ground lease with NYCEDC. The project broke ground in summer 2019.
“We’re confident that Zero Irving will deliver the finest office space offering in Midtown South,” said Josh Wein, Managing Director of Finance at RAL.
“Zero Irving brings the trifecta that top tenants are seeking: stellar location with access to transportation, food, and nightlife; newly constructed space in a modern, nearly column-free design, with all the latest tech infrastructure baked in; and the most highly sought-after amenities such as a roof deck with unobstructed views, terraces on multiple floors, and brand new, high-quality event space within the building.”
Zero Irving is located steps from Union Square Park and the Union Square transit hub. Newly constructed space is also rare in Midtown South, which offers mostly older or renovated building stock.
Building amenities will include a shared state-of-the-art event space on Zero Irving’s second floor, roof decks and terraces providing views of Manhattan and beyond.
“There is an incredible demand for high-quality office space in the epicenter of Midtown South and this building will offer something that does not exist in that market. The interconnection with the building’s amenities, programming, and access to a desirable and talented labor pool enhance the appeal of this project,” said Mitch Konsker, Vice Chairman of JLL, who will be leading the leasing effort alongside Benjamin Bass, Dan Turkewitz and Kristen Morgan.
