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05/01/2019

Rent the Runway paves way for growth with new headquarters

Rent the Runway Inc. is doubling the footprint of its New York City headquarters.

The fast-growing apparel and accessories rental giant said it will relocate its corporate headquarters from downtown Manhattan to the newly redeveloped Brooklyn Waterfront location at 10 Jay Street. The 83,000-sq.-ft. office space will be custom-designed and built by WeWork and can accommodate double Rent the Runway’s capacity as its current headquarters.

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.

“We’ve been searching for a new home for our growing team and are thrilled to have landed in Brooklyn, adjacent to fellow innovative tech companies whom we admire,” said Jennifer Hyman, co-founder and CEO of Rent the Runway, which in addition to its online site has five physical stores in the U.S. “This is just the beginning for Rent the Runway, and we’re excited to move into our new space as we rapidly scale the business, both in New York and beyond.”

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. Rent the Runway, which was founded online in 2009, has five physical stores in the U.S.

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.