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.
Construction on WeWork’s behemoth Midtown building is halfway complete, marking a major milestone for the conglomerate’s newest location just steps from Hudson Yards. Originally completed in 1930 by Sears Roebuck & Company, the commercial development will comprise nearly 412,000 square feet of office space at the corner of Ninth Avenue and West 31st Street.
Major progress has been made for Dock 72, a 16-story commercial office building rising in the Brooklyn Navy Yard. Incredibly, it is the first ground-up office building to rise in Brooklyn since MetroTech in the 1980’s. The development is a joint venture with Rudin Management and Boston Properties, with WeWork co-developing and handling amenities. WeWork will occupy nearly a third of the building.
Officially proposed last summer, New Jersey’s Economic Development Authority has approved $93 million in tax breaks for Kushner Companies and KABR Group’s planned 56-story, 744-unit mixed-use tower at One Journal Square, in Jersey City’s Journal Square district. According to the Jersey Journal, WeWork is expected to lease 101,000 square feet of office space on seven floors, and 78,000 square feet of retail space is planned on the bottom two levels. A second tower is also reportedly in the works, although completion of the first is expected in the spring of 2018.
In July, YIMBY unveiled renderings of WeWork’s planned office building at the Brooklyn Navy Yard. Now developer Boston Properties has filed new building applications for the project, named Dock 72, at 63 Flushing Avenue.