AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Rent the Runway Doubles New York City Footprint with New Corporate Headquarters in Dumbo

May 1, 2019

NEW YORK--(BUSINESS WIRE)--May 1, 2019--Rent the Runway Inc., the company that created dynamic ownership and clothing rental as an essential utility in women’s lives with the world’s first living closet, announced today that it will relocate its corporate headquarters from downtown Manhattan to the newly redeveloped Brooklyn Waterfront location at 10 Jay Street. The 83,000 square-foot office space will be custom-designed and built by WeWork and can accommodate double the company’s capacity at its current headquarters, signaling significant growth for the company.

Occupying four floors in the new office building, Rent the Runway’s new headquarters will create a space for the modern worker, with flexible work environments, outdoor space, and contemporary amenities. The company’s new office includes the building’s penthouse floor, which boasts 10,000 square feet of private outdoor terrace space and a 5,000 square foot communal roof deck with panoramic views of the Manhattan skyline.

The renovated 10 Jay Street is located directly on the Brooklyn waterfront at the intersection of Jay and John streets, adjacent to the newly expanded Brooklyn Bridge Park, and offers sweeping views of Manhattan. In the neighborhood, RTR will join fellow entrepreneurial tech companies and will relocate from its current 345 Hudson location in Manhattan.

“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. “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.”

Rent the Runway was founded in 2009 by Jennifer Hyman and Jennifer Fleiss as an answer to the modern woman’s desire for constant newness by offering a rotating wardrobe that is also a smart, sustainable choice. RTR pioneered dynamic ownership and believes that women everywhere will soon have a subscription to fashion, making renting an indispensable utility. With its most engaged subscribers wearing rented clothing more than 120 days per year, Rent the Runway is changing the way women get dressed every day.

The privately owned company has five physical locations in the US, 11 million members, and 1,800 employees - 93% of whom are female, multiracial and/or minority. The company’s technology team is 45% female, and 80% of leaders at the company are women. The company has been recognized by CNBC as the 9th most disruptive company in the world and as one of Fast Company’s Most Innovative Companies.

JLL completed the transaction for building owners Glacier Global Partners LLC and Triangle Assets. The building owner was represented by Howard Hersch, Brett Harvey and Sam Seiler with JLL. Rent the Runway was represented by Frederick Fackelmayer, Sam Mann and Alexander Benisatto with CBRE Group Inc. The company also accepted the Excelsior Tax Credit from Empire State Development to continue to grow in New York.

About Rent the Runway

Rent the Runway is transforming the way modern women get dressed and disrupting the $2.4 trillion global fashion industry by enabling women to rent, versus buy, clothing. Founded in 2009 with a vision to build the world’s first living closet, RTR believes that women everywhere will soon have a subscription to fashion. By creating a new model of dynamic ownership, RTR has made apparel rental an indispensable utility while also empowering women to feel their best every day. RTR carries apparel, accessories and home decor from over 600 designer partners and has built in-house proprietary technology and a one-of-a-kind reverse logistics operation.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190501005340/en/

CONTACT: Press Contacts

Rent the Runway

Gabby Etrog Cohen

SVP of Brand, Communications & Business Development

Gabby@renttherunway.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: WOMEN DEPARTMENT STORES RETAIL SPECIALTY CONSUMER

SOURCE: Rent the Runway Inc.

Copyright Business Wire 2019.

PUB: 05/01/2019 08:00 AM/DISC: 05/01/2019 08:01 AM

http://www.businesswire.com/news/home/20190501005340/en