Search
Copyright © 2025 ALM Global, LLC. All Rights Reserved.
WeWork is buying the Lord & Taylor building on Fifth Avenue.NEW YORK CITY—WeWork is purchasing the New York flagship building of Lord & Taylor, located at 424 Fifth Avenue for $850 million. The purchase is part of multiple global transactions between WeWork and the Canadian retailer, Hudson’s Bay Company, the parent company of Lord & Taylor, which will include leasing company spaces at various HBC department stores.
Lord & Taylor will operate at the Fifth Avenue location in the entire building through the 2018 holiday season. It will then continue to run a scaled-down version of the store, in a redesigned space of 150,000 square feet, less than a quarter of the building. The rest of the building will be converted into WeWork’s New York headquarters and office space.
*May exclude premium content
Already have an account? Sign In Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
In our exclusive audio interview, NKF's research director Marianne Skorupski says rising office vacancy rates could be a sign that the expansion mode has ended, or at least is taking a breather.
But other firms are vying for the deal too.
The price is a “meaningful discount to replacement cost.”
Trend Report
Sponsored by MSCI Real Assets
2025 February US Capital Trends & Analysis
How is investment and capital activity shaping up for the start of 2025? Discover key trends in capital flows, lending dynamics, and the emerging path to recovery in 2025.
Guide
Sponsored by Placer.ai
The Return to Office: Recovery Still Underway
Are you noticing unexpected shifts in office occupancy and commuter behavior? This report reveals how evolving work patterns are challenging CRE brokers and offers crucial, data-backed insights for 2025. Discover a detailed analysis of office visit fluctuations, an in-depth look at midweek work trends, accurate forecasts for market recovery, real-world examples to inform strategic decisions, and actionable metrics to guide client advising. Download your copy today!
Report
Sponsored by Building Engines
The State of Commercial Property Management Technology in 2025
Commercial property teams are navigating changing times where technology plays a crucial role in operations, tenant satisfaction, and sustainability. This report, based on insights from 370 industry professionals, reveals the biggest priorities, challenges, and opportunities for CRE technology adoption in 2025. Don’t miss it.
Copyright © 2025 ALM Global, LLC. All Rights Reserved.
Sign In
Sign In
