The sale of Lord & Taylor’s flagship Fifth Avenue store in Manhattan is not surprising considering the plight of retailers, but demand for buildings in major cities for conversion into co-working sites is still growing.
Canadian department store operator Hudson’s Bay Co agreed to sell its Lord & Taylor flagship building in New York for $850m to WeWork, in what may be a step toward easing tensions with activist investor Jonathan Litt.
Hudson’s Bay activist shareholder Land and Buildings said on Wednesday it believed a highly qualified third-party buyer had “serious interest” in acquiring Galeria Kaufhof, the department store operator’s European chain.
Don Watros, who has spent 11 years with HBC, will part ways with the company on September 29, 2017. The announcement of his departure comes one day after HBC moved up the opening date of its Netherlands location.