Department Stores Have One Thing Left to Sell: Real Estate

By Chavie Lieber – Racked.com

Photo: Mario Tama/Getty Images

Photo: Mario Tama/Getty Images

Hudson’s Bay Company, which bought Lord & Taylor back in 2015 and also owns Saks Fifth Avenue, has taken some headline-making measures. Last week, it announced a deal to sell its legacy Fifth Avenue building to tech startup WeWork for $850 million. The exact details are being worked out, but Lord & Taylor will likely rent one or two floors from WeWork, which will turn the rest of the building into its global headquarters and shared office space.

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Category : As Seen Online &Blog &Commercial Properties

 

 

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