Lord & Taylor has closed the deal to purchase the former The We Company 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.
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.