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Amazon Establishes Midtown Presence with Deal for Lord & Taylor Building
As part of a national expansion of its Tech Hubs, Amazon formally announced Tuesday that it had acquired the former Lord & Taylor Building in Midtown Manhattan and would open a 630,000-square-foot New York headquarters there.
The New York Post reported in March that Amazon was paying $1.15 billion to acquire the landmark property at 424 Fifth Ave. In late 2017, a consortium led by WeWork had paid $850 million for 424 Fifth, which was to be WeWork’s new headquarters.
The Post reported that $750 million of Amazon’s purchase price was to pay off construction loans taken out for renovating the space. The remainder consisted of more than $350 million in equity for the building’s current owners, although WeWork waived any economic interest in the property.
Amazon said Tuesday that it had invested more than $7 billion in New York State since 2010, and currently employs 24,000 workers statewide.
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- ◦Sale/Acquisition
