Amazon has officially acquired the historic Lord & Taylor Building at 424 Fifth Avenue in Midtown, Manhattan. Although Amazon and WeWork, the building’s former owner, have not released any statements on the deal, the transaction is reportedly valued between $978 million and $1.15 billion.
The acquisition adds 660,000 square feet to Amazon’s New York City footprint, bringing its total to more than 2.6 million. Additional properties include a 335,000-square-foot lease at 460 West 34th Street, a 360,000-square-foot office at 5 Manhattan West, 400,000 square feet at 7 West 34th Street, and an 850,000-square-foot logistics center in Staten Island.
The Lord & Taylor Building was completed in 1914 by architects Starrett & Van Vleck. Since then, the property served as a flagship destination and headquarters for the luxury retailer. Lord & Taylor sold the property in 2019 to WeWork, which hoped to reposition the building as its own New York headquarters and a hub of co-working suites. Those plans were derailed following the company’s botched bid to go public and a slew of scandals and lawsuits.
While Amazon has not confirmed how it intends to utilize the property, the e-commerce giant is expected to repurpose the building as its New York City headquarters.