U.S.-based real estate company WeWork Partners Investors and Rhône Capital, private equity arm of Rhone Group LLC, have completed the acquisition of the former Lord & Taylor flagship location at 424 Fifth Avenue in New York.
WeWork Property and Rhône Capital paid about $850 million for former Lord & Taylor flagship to the Canadian real estate firm Hudson’s Bay Co.
Hudson’s Bay will still own a $125 million minority stake in the building and the sale will enhance it to remove the nearly $400 million mortgage from its books.
With the completion of this deal, the iconic Lord & Taylor building will be renovated as it diversifies WeWork’s real estate strategy.