The purchase was widely viewed as a symbolic "passing of the torch" from traditional brick-and-mortar retail to the modern, tech-driven coworking economy.
The deal quickly became a "white elephant" for WeWork following its failed IPO attempt in 2019 and the ousting of co-founder Adam Neumann. wework buys lord and taylor building
Renowned architect Bjarke Ingels was hired to oversee a massive renovation that aimed to preserve the building’s Italian Renaissance-style facade while modernizing the interior. The Downfall and Resale The purchase was widely viewed as a symbolic
At the time, WeWork was one of the world's highest-valued startups (peaking at $47 billion) and was aggressively expanding its physical footprint. The Downfall and Resale At the time, WeWork
Lord & Taylor, the oldest department store chain in the U.S., was struggling with the rise of e-commerce.
WeWork intended to use the 676,000-square-foot space as its global headquarters and for additional shared office space.
After some financing delays, the sale officially closed in early 2019. Symbolism of the Move
