Hudson’s Bay Company (HBC), the parent company of Lord & Taylor, announced it would sell the iconic Fifth Avenue building to WeWork for $850 million .

The deal quickly became a "white elephant" for WeWork following its failed IPO attempt in 2019 and the ousting of co-founder Adam Neumann.

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.

After some financing delays, the sale officially closed in early 2019. Symbolism of the Move

The acquisition of the historic by WeWork (as part of a joint venture with Rhône Capital ) was a landmark real estate deal that signaled a major shift in Manhattan’s commercial landscape. The Deal Overview

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

WeWork intended to use the 676,000-square-foot space as its global headquarters and for additional shared office space.