Discovering Shadow Space in a Tight Submarket

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Client
  • Rent the Runway
Space
  • 39,848 sq. ft.
Industry
  • Technology
  • Fashion, Apparel
Locations
  • New York
Services Provided
  • Transaction Management
  • Consulting
  • Workplace Intelligence
Cresa Team
  • Robert J. Sattler
  • James A. Pirot

Client Objectives

Rent the Runway (RTR) had seen rapid growth over its young existence and was approaching a lease expiration. The company had grown piece by piece in a small building (163 Varick Street) in the Hudson Square Submarket of New York City, and was in need of a new solution and strategy moving forward, as they were quickly outgrowing the building they occupied in a very tight submarket. 

Results

Cresa negotiated a new 7 year deal that was $18.00 PSF less than the last deal completed in the building. From a market analysis stand point the rent was north of a 25% savings from comparable transactions in the area.  In addition, the free rent concessions were structured so the remaining 2 years of the existing lease payments were relatively unchanged.
Working with Cresa New York has been a great experience. They found us an incredible space that fit the checklist of items we needed before it even went on the market… and worked to ensure it never did go on the market. They are very tapped into the best spaces in New York and know how to negotiate to make sure their clients get the best terms.
AJ Nicholas  |  Deputy General Manager
Rent the Runway
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