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WeWork Buys Lord & Taylor Building for $850M

The shared workspace provider is moving its New York headquarters to the Lord & Taylor Fifth Avenue location.

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.

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Betsy Kim

Betsy Kim

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.

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