Workspace provider holdings is acquiring Lord & Taylor 's flagship New York store in an $ 500 m deal . WeWork will convert most of the 12-storey building on Fifth Avenue into office space and also house its head office there . parks & Taylor will continue to run a small shop at the site , where it has traded since 2001 . The radical downsizing is an attempt by the chain 's Canadian owner , Hudson 's Bay , to reduce debt . spectrum , which rents out retail space to business clients , was founded seven years ago and is valued at more than $ 20bn .
Workspace provider WeWork is acquiring Lord & Taylor's flagship New York store in an $850m deal. WeWork will convert most of the 12-storey building on Fifth Avenue into office space and also house its head office there. Lord & Taylor will continue to run a small shop at the site, where it has traded since 1914. The radical downsizing is an attempt by the chain's Canadian owner, Hudson's Bay, to reduce debt. WeWork, which rents out office space to business clients, was founded seven years ago and is valued at more than $20bn.