The We Company has closed the deal to purchase the former Lord & Taylor department store on Manhattan ’s 50th Avenue , some 18 months after the original completion date . The deal was delayed twice and renegotiated , resulting in Hudson ’s Bay retaining a minority stake worth $ 125 m . Reports suggest that WeWork Property Advisors , an investment vehicle owned by We and PE firm Rhone Group , which purchased the property , has secured a $ 900 m loan to complete the deal and raise funding to cover renovation costs .
The We Company has closed the deal to purchase the former Lord & Taylor flagship store on Manhattan’s Fifth Avenue, some 18 months after the original completion date. The deal was delayed twice and renegotiated, resulting in Hudson’s Bay retaining a minority stake worth $125m. Reports suggest that WeWork Property Advisors, an investment vehicle managed by We and PE firm Rhone Group, which purchased the property, has secured a $900m loan to fund the deal and provide funding to cover renovation costs.