Hudson's Bay selling Lord & Taylor 5th Ave building for US$850m

25 October, 2017, 01:02 | Author: Barbara Daniel
  • HBC to sell Fifth Avenue flagship Lord & Taylor store

Thereafter, the building will be converted into WeWork'sNew York headquarters and office space, as well as a redesigned Lord & Taylor store of about 150,000 square feet.

Under the deal, Lord & Taylor will sell its almost 676,000 square-foot flagship to WeWork for $850 million after the 2018 holiday season.

RhoneCapital will buy $500 million worth of convertible shares in Hudson's Bay, and Rhone is teaming up with WeWork buy the Lord & Taylor building on Fifth Avenue for $850 million.

WeWork, leased seven floors in the Bentall III tower downtown earlier this year, most of which was quickly snapped up by online retail giant Amazon to expand its already substantial presence in Vancouver, according to a report in the Financial Post.

"This is a transformative partnership that rethinks how retailers create exciting environments and leverage less productive space, while substantially improving the value proposition", said Richard Baker, HBC's executive chairman and interim CEO in a statement.

Hudson's Bay estimated that the overall deal would result in $1.6 billion in cash on its balance sheet and reduced debt.

Lord & Taylor will rent space in the building and maintain a smaller store on the lower floors of the building, while the upper floors will be rented out from WeWork as temporary office space for companies who need occasional or intermittent meeting spaces, the NYT reported.

Illustrating the state of these retail locations, the company said it expects "minimal impact on earnings" from the deal. The deal will see the space transformed after the 2018 holiday season to become WeWork's NY headquarters.

The deals come as HBC faces increased pressure from a US activist investor.

In August, news spread that HBC was planning to hire a financial advisor to review all options, including taking the company private, exiting some retail businesses and offloading key real estate holdings. The department store was the first to create Christmas windows for sheer entertainment, rather than for selling merchandise.


  • Vegetables from Mann Packing may be contaminated with Listeria

    Vegetables from Mann Packing may be contaminated with Listeria

    The agency says 26 Mann's products, two Compliments products and six Western Family products are affected by the recall. Customers who bought the recalled products should throw them away or return to point of purchase for a full refund.
    Kanye West and Kim Kardashian Targeted by Car Thief

    Kanye West and Kim Kardashian Targeted by Car Thief

    The suspect also reportedly robbed West and Kardashian's neighbor, Kathy Griffin . PT and was caught on tape, thanks to the couple's security footage.
    Possible Serial Killer 'Terrorizing' Tampa Neighborhood

    Possible Serial Killer 'Terrorizing' Tampa Neighborhood

    Investigators reportedly found a man near where Mitchell was murdered on surveillance video, and are now in search of him. Naiboa's parents contacted police when their son did not return home from his job of packaging hurricane relief supplies.
  • Alphabet's Pixel 2 XL Display Troubles Are Worse Than We Thought

    Alphabet's Pixel 2 XL Display Troubles Are Worse Than We Thought

    Screen burn-in is an issue with OLED displays, but this is typically diagnosed after months, if not years, of usage. If history has taught us anything, its that a Google phone launch never goes quite as smooth as one might hope.
    Make Money Transfers Via PayPal in Facebook Messenger

    Make Money Transfers Via PayPal in Facebook Messenger

    But for now, it has already started rolling out in the let us know how the experience is if you've already tried it out. The update weighs 82.87 megabytes which means there are surely more improvements coming alongside with the update.
    Verizon Communications Inc. (VZ) Price Target Raised to $52.00

    Verizon Communications Inc. (VZ) Price Target Raised to $52.00

    Paragon Capital Management Limited Liability Corp has 0.09% invested in Verizon Communications Inc. (NYSE:VZ) or 180,977 shares. A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company.
  • After Narendra Modi, Rahul Gandhi Faces Fake Bot Followers Charge On Twitter

    After Narendra Modi, Rahul Gandhi Faces Fake Bot Followers Charge On Twitter

    Singh said these issues were raised by Rahul on Twitter, and "who is tweeting it and retweeting it... those are side issues". He asked whether BJP can clearly say that none of the PM's tweets have been retweeted by handles from outside the country.
    Browns will have scouting presence at MI  vs. Penn State

    Browns will have scouting presence at MI vs. Penn State

    If Penn State's offense can play like this again next week against Ohio State, there may not be much else standing in their way. Late Saturday night, Franklin refused to mention Ohio State by name, calling the Buckeyes only "our next opponent".
    Thousands take part in

    Thousands take part in "Making Strides Against Breast Cancer" walk

    In Ghana, breast cancer continues to occupy the first position in mortality as far as cancers are concerned. Hundreds gathered for the 5K walk to raise awareness about breast cancer in the African-American community.
  • Rain And Cooler Temperatures On The Way

    Rain And Cooler Temperatures On The Way

    Temperatures will be in the mid-60s around midnight and may be the highest for the day Monday as a strong cold front moves in. It's much chillier Monday with lows in the 30s and highs staying in the 50s, under plenty of cloud cover limiting sunshine.
    South Africa seal convincing series sweep over Bangladesh

    South Africa seal convincing series sweep over Bangladesh

    Faf du Plessis had to retire hurt on 91 at Buffalo Park on Sunday during South Africa's third ODI against Bangladesh . He will miss the two-match Twenty20 worldwide series next week, where JP Duminy will now take over as skipper.
    USA  city links hurricane relief to support for Israel

    USA city links hurricane relief to support for Israel

    The Texas law is part of a wider trend across the USA , aimed at targeting the BDS movement. "First Amendment rights", Hauss said. A city official told NPR that Dickinson is simply following a recently passed state law: "The city has nothing to do with it".


Eric Bledsoe sent home from shootaround, Suns engaged in trade talks
The tweet by Bledsoe, a former Clipper , was followed by one from the Clippers' DeAndre Jordan saying "Come back home bro". They certainly wouldn't be looking for anything less, as it would be a huge blow to them and their season if they did.

Five Former US Presidents Join Forces at Relief Concert Saturday
The concert was part of an appeal that has raised $31 million (€26 million) from 80,000 donors since September 7. The concert at Texas A&M is not the first time former presidents have raised money for disaster relief.

Finn Wolfhard fires agent after sexual assault claims
Cameron Boyce who acts in the Disney " Descendants " franchise had reportedly also fired the agent and is yet to decide whether he will stay with APA .

Death toll at Kabul mosque attack rises to 32, 41 wounded
Kabul Police spokesman Abdul Basir Mujahid confirmed the explosion but said the type of the blast is not known so far. The Daesh terror group claimed responsibility for the Kabul attack in a statement posted on its Amaq website.

Donald Trump: Who Paid for the Fake Dossier from Fusion GPS?
A summary of the dossier's findings was provided to Trump and President Barack Obama ahead of January's presidential inauguration. The dossier, first released publicly by Buzzfeed, was filled with unfounded smears about Trump that lacked evidence or proof.

Nokia 7 smartphone Launched: gearing up with 'Bothie' Camera, with 6 RAM
In terms of internal hardware, the Nokia 7 comes with a Qualcomm Snapdragon 630 SoC which is paired either 4 GB RAM or 6 GB RAM. With the Nokia 7 , HMD Global claims users can go live on Facebook from within the camera app and use the "Dual-Sight mode".

Egypt: 55 policemen killed in gunbattle with militants
The Muslim Brotherhood, once Egypt's largest opposition movement, has long denied involvement in the attacks on the authorities. But Western diplomats and security officials described the death toll as in the dozens with few militants, if any, being killed.

Phil Jones expected to be fit for Manchester United's clash with Huddersfield
Manchester United's dour 1-0 Champions League win over Benfica came against the backdrop of a typical Mourinho pragmatic approach to such matches.

Pollution becomes cause of nine million deaths worldwide
Nearly 92 percent of pollution-related deaths occur in poor or middle-income countries, the study finds. China recorded the second highest number of such deaths (1.8 million).

Diwali 2017: India celebrating festival of lights
However, soldiers, especially those deployed at the border, seldom get a chance to go home to celebrate the festival. A foreigner rings the bell of a temple during celebrations of Diwali.