Rendering of 10 Jay St. in Dumbo, Brooklyn/ Image credit: Visualhouse
NEW YORK CITY—Glacier Global Partners and Triangle Assets refinanced 10 Jay St. with a $205 million floating-rate loan from Natixis.
The 10-story, 222,228 rentable-square-foot office and retail property in the Dumbo neighborhood of Brooklyn will be the new headquarters for Rent the Runway.
Planning to move in 2020, the online designer fashion rental service leased over 83,000 square feet. It will occupy the seventh through 10th floor which includes 10,000 square feet of outdoor space. The building will also house the flagship New York City location for SoHo Works. That's SoHo House's co-working space, which has leased 50,000 square feet. This co-working outpost is a close distance to their Soho Work's Dumbo House location at Empire Stores.
Newmark Knight Frank's Dustin Stolly and Jordan Roeschlaub, along with Dylan Kane, Chris Kramer and Nick Scribani negotiated the $250 million floating-rate loan.
The property is located on the East River waterfront near the Brooklyn Bridge Park. The building owners renovated and modernized 10 Jay St. adding a new glass façade. The building also has 23,000-rentable-square-foot, open floorplates, a rooftop terrace and panoramic views of Manhattan's skyline.
“Sponsorship has done an incredible job transforming the old sugar refinery into the best creative office product in Dumbo,” says Stolly. “The waterfront views overlooking Brooklyn Bridge Park are second to none and the outdoor event space on the rooftop is a unique and significant demand driver.”
“Over the past few years, Dumbo has received substantial investment and has really transformed from a traditional industrial neighborhood to a 24/7 live-work-play destination and an attractive alternative to Manhattan,” adds Roeschlaub.
Glacier Global Partners is a New York-based commercial real estate investment firm focused on equity investments in core and opportunistic assets as well as debt financing. It's located in Midtown East, at 220 E. 42nd St. The Stavrach family's Triangle Assets is a real estate investment firm with corporate headquarters in Midtown East at 369 Lexington Ave. The company also has an office near Fifth Ave. at 2 W. 46th St. as well as at the 10 Jay St. location.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
