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 $900m. Reports suggest that WeWork Property Advisors, an investment vehicle managed by We and PE firm Rhone Group, which purchased the property, has secured a $125m 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.