The landmark Lord & Taylor Building on Fifth Avenue is set to become the new WeWork Headquarters. In a deal valued at $850 million, Lord & Taylor's parent company, Hudson's Bay Company, will sell the iconic building to the 7 year old, co-working office space venture, as pressure on retail continues in the ever changing retail marketplace. Lord & Taylor will leaseback the bottom floors of the building and redesign them into a more efficient, scaled-down version of its department stores. The upper floors will service as the global headquarters for WeWork. The building features an Italian Renaissance design with a grand entrance that features grand arches and copper cornice, touches that pay homage to the history of the city and the property. In all the building features 676,000 SF of usable space. It first opened its doors on February 24, 1914 and became a New York City Landmark in December 2007.
