WeWork intended to use the 676,000-square-foot space as its global headquarters and for additional shared office space.
The acquisition of the historic by WeWork (as part of a joint venture with Rhône Capital ) was a landmark real estate deal that signaled a major shift in Manhattan’s commercial landscape. The Deal Overview
The deal quickly became a "white elephant" for WeWork following its failed IPO attempt in 2019 and the ousting of co-founder Adam Neumann. wework buys lord and taylor building
Hudson’s Bay Company (HBC), the parent company of Lord & Taylor, announced it would sell the iconic Fifth Avenue building to WeWork for $850 million .
After some financing delays, the sale officially closed in early 2019. Symbolism of the Move WeWork intended to use the 676,000-square-foot space as
At the time, WeWork was one of the world's highest-valued startups (peaking at $47 billion) and was aggressively expanding its physical footprint.
Lord & Taylor, the oldest department store chain in the U.S., was struggling with the rise of e-commerce. Hudson’s Bay Company (HBC), the parent company of
Renowned architect Bjarke Ingels was hired to oversee a massive renovation that aimed to preserve the building’s Italian Renaissance-style facade while modernizing the interior. The Downfall and Resale