After some financing delays, the sale officially closed in early 2019. Symbolism of the Move
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
WeWork intended to use the 676,000-square-foot space as its global headquarters and for additional shared office space.
At the time, WeWork was one of the world's highest-valued startups (peaking at $47 billion) and was aggressively expanding its physical footprint.
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 .
The deal quickly became a "white elephant" for WeWork following its failed IPO attempt in 2019 and the ousting of co-founder Adam Neumann.
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
Wework Buys Lord And Taylor Building Here
After some financing delays, the sale officially closed in early 2019. Symbolism of the Move
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
WeWork intended to use the 676,000-square-foot space as its global headquarters and for additional shared office space.
At the time, WeWork was one of the world's highest-valued startups (peaking at $47 billion) and was aggressively expanding its physical footprint.
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 .
The deal quickly became a "white elephant" for WeWork following its failed IPO attempt in 2019 and the ousting of co-founder Adam Neumann.
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
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