Rent the Runway, an online service that provides designer dress and accessory rentals, signed an 83,051-square-foot lease at 10 Jay Street in Brooklyn, N.Y.
Rent the Runway will relocate its headquarters from 345 Hudson Street in Manhattan to the entire top four floors of the 10-story, 200,000-square-foot Dumbo office property developed by Glacier Global Partners.
The CBRE team of Frederick Fackelmayer, Alex Benisatto and Sam Mann represented Rent the Runway in the lease negotiations. The fashion retailer plans to move to its new space in 2020. JLL represented Glacier Global Partners in the deal.
In addition to the office, Rent the Runway’s lease also encompasses an expansive, 10,000-square-foot private outdoor terrace on the 10th floor, overlooking the East River and the Manhattan skyline.
“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,” said CBRE’s Fackelmayer, who has completed transactions totaling 420,000 square feet in the Brooklyn marketplace since 2014.
“The modern, newly developed office space at 10 Jay Street not only met our client’s real estate needs, but is also 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, Rent the Runway since has revolutionized the rental wear-and-return corner of the retail industry.