Lord & Taylor's former New York City flagship building at 424 Fifth Ave.
NEW YORK CITY—WeWork closed on its acquisition of Lord & Taylor's once grand flagship store at 424 Fifth Ave. from Hudson's Bay Company for a total transaction value of $850 million. The deal was first announced in October 2017. Although initially Lord & Taylor was going to keep a smaller version of the store, the retailer subsequently decided to shut down at the location to focus efforts on online operations which included being featured on walmart.com. Lord & Taylor closed the doors of its Fifth Avenue store to the public on Jan. 2, 2019.
WeWork Property Investors exercised its option to convert US$125 million (CA$163 million) of the transaction value into a preferred equity interest in the building held by HBC through a joint venture structure. The Fifth Ave. sale was part of multiple global transactions between WeWork and HBC.
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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.
