Rent the Runway just signed a big lease
in Dumbo

The company is moving from Hudson Square, where Google is planning a big expansion
May 01, 2019 10:30AM

Rent the Runway CEO Jennifer Hyman,  10 Jay Street in Brooklyn, and Glacier Global Partners’s Yaniv Blumenfeld (Credit: Harvard, Cornell, and Pavel Bendov)

Rent the Runway CEO Jennifer Hyman,  10 Jay Street in Brooklyn, and Glacier Global Partners’s Yaniv Blumenfeld (Credit: Harvard, Cornell, and Pavel Bendov)

A women’s fashion company has signed an 83,000-square-foot lease at 10 Jay Street on Dumbo’s waterfront.

Rent the Runway, a subscription-based service that allows women to rent clothing, will move into the 221,500-square-foot property next year, according to the New York Post.

Built in 1897, developers Glacier Global Partners and Triangle Assets converted the warehouse into an ODA New York-designed office property targeting TAMI tenants.

In 2017, the developers locked in a $150 million bridge loan to wrap up the 10-story office conversion project.

Rent the Runway will move from 345 Hudson Street in Hudson Square — where Google is expanding — in 2020. WeWork will design the company’s new offices, which will be double the size of its current digs and have a 10,000-square-foot terrace.

CBRE represented Rent the Runway in the deal, while JLL represented the landlord. Asking rents in the building have previously been priced between $69 and $75 a square foot.

The fashion tenant will join Translation LLC and Soho House’s co-working brand, Soho Works in the building. [NYP] — David Jeans