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WeWork Buys Lord & Taylor Flagship NY Store for $850M

WeWork acquired the flagship New York store of Lord & Taylor on Manhattan’s Fifth Avenue from Hudson’s Bay Co. for $850 million. The landmark building will be converted into office space and become WeWork’s HQ.

The move to divest real estate holdings by the Canadian retailer reflects the dramatic shifts occurring in the retail sector, even for grand stores such as the century-old, limestone-clad Italian Renaissance style structure. Lord & Taylor plans to operate a smaller, 150,000-square-foot store at the location (currently 650,000 square feet), with the more than $20-billion in valuation real estate startup occupying the majority of the 12-floor building.

The addition will help WeWork continue to fill an office pipeline in CBD’s, where it prefers to offer shared office spaces. WeWork was founded in Manhattan in 2010, and currently has 10 million square feet of workspaces globally.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.