"Rent the Runway" to Open Showroom in Georgetowns Cady's Alley
In a deal brokered by Eastbanc (a firm that specializes in the acquisition, redevelopment and management of commercial real estate assets) and Jamestown (an investment and management company focused on income-producing real estate in the United States) Rent the Runway, the women’s online service offering designer dresses, gowns and accessories on a rental basis, has signed a ten-year lease to occupy the 4,354-square-foot retail space at 3336 M Street NW. Located in the former L’Eclat de Verre site. The Grand Opening is slated for mid-November
Here is the Press Release:
EASTBANC AND JAMESTOWN SECURE LONG-TERM LEASE FOR RENT THE RUNWAY IN CADY'S ALLEY
Retailer of Women’s Rental Designer Dresses, Gowns and Accessories to Open Second Freestanding Store in the Heart of Georgetown
Washington, DC – Cady's Alley will soon embrace the high-style trend of never appearing in the same thing twice. EastBanc, Inc. and Jamestown announced today that Rent the Runway, the women’s online service offering designer dresses, gowns and accessories on a rental basis, has signed a ten-year lease to occupy the 4,354-square-foot retail space at 3336 M Street NW. Located in the former L’Eclat de Verre site, Rent the Runway will move in immediately with a grand opening slated for mid-November. Justin Fantasia of RKF and Bradley Buslik of H&R Retail represented Rent the Runway in the deal. Building off the success of its original setup in designer Henri Bendel’s Madison Avenue store, this is the company’s second completely independent brick and mortar location.
Rent the Runway features designers such as Badgley Mischka, Zac Posen, Vera Wang and Carolina Herrera and provides a solution to the classic “I have nothing to wear” dilemma. This five-year-old company allows women to borrow luxury designer dresses and accessories at an affordable price and to have the perfect outfit for every occasion. Without a buyer or department store acting as the middleman, Rent the Runway is the only brand of its kind that works directly with designers to purchase the latest trends for its clients. Each designer piece is only lent a maximum of 20 occasions, so the material always feels fresh and never over-exposed. With its first showroom store opening in New York City in 2013 the brand has expanded by opening a second New York location at its corporate headquarters, a third at the Cosmopolitan Hotel in Las Vegas and most recently its fourth site – it’s first freestanding storefront in New Yorks’ Flatiron district -- that opened on September 3. Rent the Runway has brought the luxury of a personal shopper to a reasonably inexpensive level. The stores give women the opportunity to meet with a personal stylist who help them pick the best dress or designer, within their price range, for any affair.
The Rent The Runway retail space is a prime commercial property located in the heart of Cady’s Alley and will nicely complement the illustrious designer brands currently located in the EastBanc and Jamestown Georgetown Renaissance portfolio and will bring a whole new shopping experience to this upscale fashion corridor. The Rent the Runway lease agreement is the latest deal in the westward movement of distinguished designer fashions that include Calypso St. Barth, Steven Alan, Intermix and Bonobos as well as recent upscale home design brands as Donghia and Calligaris.
“Washington is a sophisticated city with numerous work events and black tie functions scheduled every night of the week,” says Philippe Lanier, vice president of EastBanc. “Washingtonians want red carpet looks without wardrobe repeats and Rent the Runway offers patrons singular fashion sensations at an affordable price.”EastBanc and Jamestown’s Georgetown Renaissance portfolio is a unique collection of high-end retail properties in one of Washington, DC’s premier retail locations. The portfolio also includes boutique office space and 16 luxury rental apartments. Georgetown Renaissance consists of more than 300,000 square feet across 17 properties in Georgetown and one property in Alexandria, Virginia, and it includes the area commonly referred to as Cady’s Alley. The two companies are working on an additional 30,000 square feet of new leases within the portfolio.