One of the nation’s most prominent retailers has sold its iconic New York anchor store.
According to a New York Times report
, the 676,000-square-foot Lord & Taylor building on Fifth Avenue in Manhattan was sold by the retailer’s parent company, the Canadian corporation Hudson’s Bay, for $850 million to WeWork, an office-sharing operation. Lord & Taylor will rent out one-quarter of building, which will be transitioned into WeWork’s global headquarters in 2019.
Lord & Taylor was founded in 1826 by English merchant Samuel Lord and operated from its Fifth Avenue site since 1914. The store’s elaborate street-level display windows during the Christmas season has been a staple of New York’s holiday festivities.
There has been no announcement regarding whether Lord & Taylor stores around the country will be impacted by the sale of the anchor location.