Lord & Taylor Sells Flagship Store

Lord & Taylor (New York) has agreed to sell its flagship New York store on Fifth Avenue to WeWork (New York) for $850 million. The store, which is still in operation, will remain open through the 2018 holiday shopping season.

At that point, the store will be redesigned into a smaller 150,000-square-foot Lord & Taylor store. As for the remaining space, WeWork will transform part of the building into shared office space and part as a new headquarters for the company.

According to USA Today, the acquisition is part of a larger deal in which WeWork will lease space in other stores from the banner’s parent company, Hudson’s Bay Co. (Toronto).