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Jeremy Fennema – Tech Innovation Alchemist
Amazon will acquire the iconic former Lord & Taylor flagship from WeWork for $1.15 billion. The 11-story, 660,000 square foot building will become the company’s New York City headquarters.
Amazon will pay off $750 million in construction loans taken out for WeWork’s renovation and the rest of the costs of over $350 million in equity for the current owners of the building.
Additionally, WeWork has waived economic interest in the building in exchange for getting out of the lease it signed.
