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Amazon Buys Former Lord & Taylor Flagship for $1.15 Billion

Photo Credit: Robert Scoble via Flickr cc

Amazon is purchasing Lord & Taylor’s former flagship store on Manhattan’s Fifth Avenue to serve as its own New York City headquarters. The building is eleven stories and 660,000 square feet, and it will provide the work space for several thousand Amazon employees. The deal represents a change of plan; two years ago, WeWork, a commercial real estate company, had intended to make the building its headquarters. Amazon is paying off the construction loans incurred by WeWork’s renovation plans as part of the deal.

The building is the latest space to get scooped up by Amazon after the Seattle-based e-tailing giant scrapped plans a year ago to build a second headquarters in New York City.

Read the full story at the New York Post.