Amazon has been in talks to acquire 424 Fifth Avenue (AKA Lord & Taylor Building) from WeWork + Rhône Group. Talks remain fluid, and a potential deal still faces hurdles, TRD reported.
- Worth Noting: WeWork is currently undertaking a gut renovation of the 10-story, 106-year-old building, at a total cost believed to be close to $200 million. Completing the renovation is one of the conditions of a potential sale to the e-commerce giant.
- Be Smart: WeWork’s acquisition was funded with a $900 million debt package provided by JPMorgan and Starwood. Hudson’s Bay Company still maintains a $125 million preferred equity stake in the building.