Brooklyn Has Landed Its Biggest Major Manhattan Relocation In 5 Years
Rent the Runway is leaving Hudson Square for new digs in Brooklyn.
The company, a mostly online service that provides women with designer clothes to rent, is taking 83K SF at Glacier Global Partners’ 10 Jay St. on the Dumbo waterfront, CBRE announced.
The space is the top four floors of the 200K SF building, and includes a 10K SF private terrace. The company is due to move in 2020, leaving its current space at 345 Hudson St.
“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 Frederick Fackelmayer, who represented Rent the Runway in the deal, alongside Alex Benisatto and Sam Mann. JLL represented the landlord.
The Brooklyn office market has been sluggish, and there hasn’t been a major tenant to head over the bridge since Etsy signed up for 200K SF in Dumbo Heights in 2014.
Meanwhile, more than 6M SF of new office space is due to become available in Brooklyn by the end of 2022, according to Colliers International, adding significant supply to the borough’s 55M SF office market. Brooklyn office evangelists say the borough should fill up that new supply because it comes at a discount to Manhattan and has strong brand recognition.
