Lord & Taylor, the oldest department store chain in the U.S., was struggling with the rise of e-commerce.
At the time, WeWork was one of the world's highest-valued startups (peaking at $47 billion) and was aggressively expanding its physical footprint.
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
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 its global headquarters and for additional shared office space. Lord & Taylor, the oldest department store chain in the U
The deal quickly became a "white elephant" for WeWork following its failed IPO attempt in 2019 and the ousting of co-founder Adam Neumann.
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 The Deal Overview After some financing delays, the
The purchase was widely viewed as a symbolic "passing of the torch" from traditional brick-and-mortar retail to the modern, tech-driven coworking economy.