RAL Companies Moving Offices to 55 Broadway

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RAL Companies, the developer behind Zero Irving in Union Square and Quay Tower in Brooklyn, will move its offices from Soho to the Financial District, Commercial Observer has learned.

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The developer signed a 10-year lease for the entire 10,986-square-foot 25th floor of 55 Broadway between Morris Street and Exchange Alley, a source with knowledge of the deal said. Asking rent was $64 per square foot, the source said.

RAL currently has its offices at 434 Broadway and plans to relocate to its new digs in October 2020, according to the source.

The company’s currently in the process of building a 21-story tech hub Zero Irving  — which hit a delay because of the coronavirus pandemic — that will offer the top four floors to younger startups with shorter-term leases, as CO previously reported.

CBRE’s Brad Gerla, Jonathan Cope and Craig Motola represented the landlord, Harbor Group International, in the deal while David Berke and Brain Waterman of Newmark Knight Frank handled it for RAL.

A spokeswoman for CBRE declined to comment and a spokesman for NKF did not immediately provide a comment.

Other tenants in the 32-story, 360,000-square-foot 55 Broadway include the Bank of Communications, software company SyscomUSA and coworking firm Bond Collective.