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WeWork buys Lord & Taylor flagship for $850M for new world headquarters

Facing mounting pressure to shed its real estate assets, Hudson’s Bay Company is selling Lord & Taylor’s flagship store to WeWork and its partner for $850 million. WeWork Property Advisors — a joint venture with Rhône Capital, who is making a $500 million equity investment in HBC as part of the deal — is purchasing the 676,000-square-foot landmark building for WeWork’s new global headquarters, the New York Times reported. The Real Deal first reported that WeWork and Rhone were raising several hundred million dollars for a real estate investment fund.

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