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Thursday, March 12, 2020
Amazon buying former Lord & Taylor for NYC HQ - report
Amazon.com (NASDAQ:AMZN) is paying $1.15B cash to buy the former Lord & Taylor flagship store in Manhattan, the New York Post reports.
That 660,000-square-foot building was set to be headquarters for WeWork (WE) before that company's scandal-plagued fall.
Now, Amazon will pick up $750M in construction loans that had been taken out for remodeling, with some $350M in equity left for building owners. WeWork waives economic interest in the building in exchange for getting out of its lease.
It will become Amazon's NYC headquarters, housing about 4,000 employees who will move in in about 18 months, according to the report