WeWork is buying the Lord & Taylor building on Manhattan’s Fifth Avenue, the retailer’s parent company Hudson’s Bay Company confirmed Tuesday. After the 2018 holiday season the department store will become the co-working company’s New York headquarters.
The $850 million deal is a potent symbol of changing real estate fortunes. Despite occupying a prime location at the corner of Fifth Avenue and 39th Street for over a century, the Lord & Taylor flagship has struggled in recent years, become a dusty reminder of a golden age of retail that e-commerce has pushed into the past. Meanwhile, in just seven-years, WeWork has garnered a $20 billion valuation and opened more than 163 locations across the globe.