Rent the Runway, the online service that provides designer dress and accessory rentals, is reportedly moving to 10 Jay Street
The company, started by Jennifer Hyman and Jennifer Fleiss in November 2009, will make the move in 2020. The new 83,000 square feet digs are said to hold as many as 500 employees. It will effectively double the size of its current spot on the sixth floor of 345 Hudson St. in Hudson Square.
Its four top floors at 10 Jay St. include a penthouse with a private, 10,000-square-foot terrace, reports the New York Post. “A 5,000-square-foot roof deck is shared by other tenants, including Translation LLC and Soho House’s co-working brand, Soho Works. The latter leased 48,424 square feet earlier this year on the bottom two floors when asking rents were $69 to $75 per square foot.”
Rent the Runway’s interiors will reportedly be designed by WeWork, with which Rent the Runway has dropoff and pop-up partnerships, according to the Post. “The CBRE team of Frederick Fackelmayer, Alex Benisatto and Sam Mann represented the tenant, which has accepted the Excelsior Jobs Tax Credit from Empire State Development.”
The expansion “comes amid a flurry of activity by the retailer, which includes the launch of Rent the Runway Kids and a partnership with West Elm and another with WeWork. Rent the Runway company recently obtained a $125 million investment that brings its total valuation to $1 billion, making it colloquially known as a “unicorn” startup,” according to Chain Store Age magazine.
Occupying four floors in the new office building, the headquarters includes the building’s penthouse floor, which boasts 10,000 sq. ft. of private outdoor terrace space and a 5,000-sq.-ft. communal roof deck with panoramic views of the Manhattan skyline, the trade periodical reports. “JLL completed the transaction for building owners Glacier Global Partners LLC and Triangle Assets. CBRE represented Rent the Runway in the deal. The brokers are Frederick Fackelmayer, Alex Benisatto and Sam Mann.”
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, according to the web site globest.com. “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, the story added. “Fackelmayer adds the space “perfectly aligned with the unique character and identity that Rent the Runway was looking to capture in its new headquarters.”
