WeWork’s long-term lease in the former Lord & Taylor building, for which they are paying well above the market rate, is costing $600 million annually . Originally, WeWork had said it would make the Lord & Taylor site its corporate headquarters. Originally planned as its HQ , the floor area is nearly twice as much as any of WeWork 's other city-based locations at 5 million square feet . WeWork can only break the lease if the company goes bankrupt. There is a conflict of interest with the building owned by WeWork Property Investors ( ARK ) who bought the building for $600 million and then leased the space to Starwood Property Trust , the operating company. ARK and Starwood Property Trust gave ARK a $600 million mortgage for the Lord & Taylor building purchase.
WeWork’s long-term lease in the former Lord & Taylor building, for which they are paying well above the market rate, is costing $600 million annually . Originally planned as its HQ , the floor area is nearly twice as much as any of WeWork 's other city-based locations at 5 million square feet . WeWork can only break the lease if the company goes bankrupt. There is a conflict of interest with the building owned by WeWork Property Investors ( ARK ) who bought the building for $600 million and then leased the space to Starwood Property Trust , the operating company. ARK and Starwood Property Trust gave ARK a $600 million mortgage for the Lord & Taylor building purchase.