Fashion Companies Making Industry City Move
By Terence Cullen August 19, 2015 4:30 pm
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Two fashion-related companies are relocating from Manhattan to new digs at the sprawling Industry City complex on the south Brooklyn waterfront for roughly 26,000 square feet.
Material Wrld, a thrift shop that exchanges old clothes for gift cards, will move from Midtown South to Sunset Park this September in a five-year deal at Industry City. The company’s 15 employees will settle into about 14,500 square feet, according to the landlord.
“We love the community Industry City has fostered with its food hall, summer happy hours and rooftop film series, and its commitment to sustainability and supporting the local community,” said Jie Zheng, the company’s co-founder, in prepared remarks.
Scott Brown of Newmark Grubb Knight Frank represented Material Wrld, while the property’s ownership—led by Belvedere Capital, Jamestown and Angelo Gordon—was represented by its in-house leasing team. Mr. Brown was not immediately available for comment.
This is the second clothing company to recently cross the bridge into Brooklyn for larger space in Industry City. The Line, an online-based fashion and home goods retailer, inked a five-year deal for 11,500 square feet and is set to move in this fall. Brokers were not involved in that deal.
Both deals closed in May, according to Industry City. Asking rents for office space at Industry City range from $15 to $35 per square foot, as Commercial Observer has previously reported.
Companies have been flocking to Industry City, and has garnered food and drink tenants such as Feel Good Foods, Li-Lac Chocolates and Ninja Bubble Tea. As CO reported today, Burger Joint and Mexican restaurant Cosme have signed letters of intent to open outposts at the campus, which is made up of 16 buildings.
With open floor plates and comparatively cheaper rents, Industry City has been attracting more tenants away from Manhattan and other areas of Brooklyn. One of the big-name moves included Time Inc. with a 55,000-square-foot lease to bring 300 employees to the site this December. Time is moving most of its employees to 225 Liberty Street at Brookfield Place when its lease expires at longtime home 1271 Avenue of the Americas.
