HBC sells flagship Lord & Taylor building to WeWork for US$850M
Shares of Hudson's Bay jumped Tuesday after the company announced the sale of its Lord & Taylor flagship building to a workspace company called WeWork.
Here’s eight basic facts to know about the U.S.-based company:
- Founded in 2010 in New York City
- Adam Neumann is the company’s co-founder and CEO
- Current valuation is about US$20B
- Has about 10 million square-feet of space and 150,000 workstations
- It takes out long-term leases in buildings and makes money by inking short-term leases with individuals or companies.
- The company confirmed a US$4.4 billion investment from SoftBank in August, 2017
- WeWork has 237 office locations in 55 cities, including Toronto, Montreal and Vancouver
- The company recently branched out into fitness with its first gym and wellness facility in New York