WeWork finally owns its HQ property

The We Company has finally closed on its purchase of Lord & Taylor’s Fifth Avenue flagship.

WeWork Property Advisors, an investment vehicle managed by the We Company and private equity firm Rhône Group, announced it would buy the building from Hudson’s Bay Company in October 2017 for $850 million.

“The completion of this transaction, which will see us bring new life to the iconic Lord & Taylor building, reflects the evolution of the We Company, the diversification of our real estate strategy and the company’s ongoing transition from an occupier to an operator of space,” a spokesperson for the company said in a statement.