The We Company has officially closed on its purchase of the iconic Lord & Taylor Fifth Avenue building for the company’s new headquarters.
In October 2017, WeWork Property Advisors, the investment branch of the We Company, said it is buying the building from Hudson’s Bay Group for $850 million.
“The completion of this transaction, which will see us bring new life to the iconic Lord & Taylor building, reflects the evolution of the We Company, the diversification of our real estate strategy and the company’s ongoing transition from an occupier to an operator of space,” a company spokesperson said in a statement.
The deal was expected to be close back in August 2018, but sources say that copious amounts of paperwork caused the company to extend the deadline to January 31.
Just last week, sources confirmed that Eastdil Secured negotiated a $900 million loan for WeWork from JPMorgan Chase, Starwood Property Trust and a third unknown lender.