Rendering of 10 Jay St. in Dumbo, Brooklyn/ Image credit: Visualhouse
NEW YORK CITY— Rent the Runway has signed an 83,051-square-foot lease at 10 Jay St. in Dumbo, Brooklyn. The online fashion retailer that rents designer dresses and accessories is relocating its headquarters, taking the entire top four floors of the 10-story, 200,000-square-foot office building. Although the rent amount and lease length were not disclosed, the commercial real estate analytics firm CoStar Group estimates an asking rate in the building of $80 per square foot.
In addition to office space, the lease includes a 10,000-square-foot private outdoor terrace on the 10th floor, with views of the East River and the Manhattan skyline.
The property was redeveloped by Glacier Global Partners, which owns the building with Triangle Assets. Rent the Runway is planning to move in 2020. The fashion company is currently located at 345 Hudson, a building which is part of Google's Hudson Square Campus.
CBRE's Frederick Fackelmayer, Alex Benisatto and Sam Mann represented Rent the Runway in the lease negotiations. JLL's Howard Hersch, Brett Harvey and Sam Seiler represented Glacier Global Partners.
“Rent the Runway represents the largest lease signed in Dumbo in nearly five years. This is significant for the Brooklyn market, as the brand is the latest highly successful creative company to relocate to the borough from Manhattan,” says Fackelmayer, who has completed transactions totaling 420,000 square feet in the Brooklyn marketplace since 2014.
The office building has been newly developed and modernized. Fackelmayer adds the space “perfectly aligned with the unique character and identity that Rent the Runway was looking to capture in its new headquarters.”
Founded by Jennifer Hyman and Jennifer Fleiss in 2009, the company has been a disruptor adapting the world of high fashion to the shared economy with rental wear-and-return retail.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
