MIDTOWN, Manhattan (WABC) -- Lord & Taylor is selling its landmark Fifth Avenue flagship store in Manhattan to WeWork for $850 million.
The flagship store is expected to continue to operate in the entire building through the 2018 holiday season, and then rent lower floors after that. The holiday displays will continue to go on this year and next year, a company spokeswoman said. The department store was the first to create Christmas windows for sheer entertainment, rather than for selling merchandise. It also pioneered the animated window display back in 1938.
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The rest of the 676,000-square foot building will become WeWork's headquarters and WeWork office space.
The rapidly growing $20-billion start-up is currently based in Chelsea. WeWork attracts millennials who are looking to share office space.
Lord & Taylor, which is owned by Hudson's Bay, is the oldest luxury department store in the country dating back to 1826. The Fifth Avenue store between 38th and 39th streets has been home since February 24, 1914.
Hudson's Bay, which also owns Saks Fifth Avenue, has been struggling as shoppers spend more online and less time in stores.
Gerald L. Storch, who has run company since January 2015, announced his resignation last Friday effective on November 1.
Goodbye to another landmark: Lord & Taylor sells Fifth Avenue store
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