Amazon.com Inc. is buying the Lord & Taylor building in Midtown Manhattan as it expands in New York City.
The e-commerce giant is paying more than $1 billion for the Fifth Avenue property, according to a report in the New York Post.
The building has been owned by the troubled office-sharing startup WeWork.
The Fifth Avenue landmark, which spans 11 stories and 660,000 square feet, will serve as Amazon’s (AMZN) New York City headquarters, housing several thousand employees in the coming years, a source close to the situation told the Post.
"The lion’s share of the deal consists of Amazon paying off $750 million in construction loans taken out for WeWork’s lavish renovation of the space, sources said. The remainder consists of more than $350 million in equity for the building’s current owners," the Post said.
Material from Bloomberg and Reuters has been used in this report.