Private Equity Firm Alpine Investors Relocating to 22K SF at Zero Irving
Alpine Investors, a private equity firm that targets software, business and consumer services companies, will move its New York City offices to 22,000 square feet in the Union Square tech hub Zero Irving, Commercial Observer has learned.
The firm signed a five-year lease for space on the entire 12th floor and parts of the 14th floor of the 21-story development at 124 East 14th Street, according to RAL Development Services, which built the property with JRE Partners. Asking rent was about $125 per square foot.
Alpine Investors plans to move its offices from 920 Broadway in the middle or end of next year, RAL said. The San Francisco-based firm was founded in 2001 and has over $8 billion in assets, recently leading a $20 million Series A funding of proptech firm DoorLoop.
Its new NYC home will be in the 240,000-square-foot Zero Irving, a former P.C. Richard & Son that RAL and JRE have been redeveloping into a tech-focused property that offers cheaper offices to young companies and market-rate space for larger firms.
The developers have signed leases with venture capital giant Sequoia Capital, fintech firm Melio, software company Sigma Computing, digital banking platform Laurel Road, and last month finalized a long-in-the-works deal with Civic Hall to run an 85,000-square-foot digital training center in the building.
JLL’s Mitchell Konsker, Benjamin Bass, Dan Turkewitz, Kristen Morgan and Carlee Palmer represented the landlords in the Alpine deal. Reid Longley and Aidan Campbell of Colliers handled it for the tenant. A spokesperson for Colliers did not immediately respond to a request for comment.
“Zero Irving’s leasing velocity has been remarkable,” Bass said in a statement. “RAL has delivered a unique and modern offering that has proven incredibly appealing to market-leading firms like Alpine Investors who are looking to join one of the city’s most exciting tech ecosystems.”
Nicholas Rizzi can be reached at firstname.lastname@example.org.