Amidst the challenges posed by the COVID-19 pandemic, Amazon has made a noteworthy move by purchasing the iconic Lord & Taylor flagship building in New York City. Despite finalizing the deal just a day before the pandemic hit, Amazon has remained committed to its investment and is now preparing to transform the historic building into a state-of-the-art office space, complete with luxurious amenities and a stunning rooftop.
The 11-story Italian Renaissance Revival tower, which is over a century old, will provide workspace for approximately 2,000 employees. The building will feature a beautifully landscaped rooftop, resembling a city park, where employees can enjoy outdoor gatherings and even bring their dogs to the dedicated dog run. The rooftop will also include an indoor dining area, offering a unique and inviting atmosphere for employees to enjoy their meals.
John Schoettler, Amazon’s vice president of global real estate & facilities, expressed excitement about the project, stating, “We’re proud of our investments in our New York Tech Hub and look forward to welcoming 2,000 employees to 424 5th Avenue later this summer.”
The purchase of the Lord & Taylor building was made from a joint venture involving WeWork’s owner, the hedge fund Rhone Capital, and Hudson’s Bay Co, the owner of Saks Fifth Avenue. The trio had initially intended to convert the building into WeWork’s New York headquarters, but plans changed when the co-working startup faced financial difficulties. As a result, Amazon swooped in and seized the opportunity to secure the landmark property for its own expansion.
With panoramic views of the city from its floor-to-ceiling windows, the Lord & Taylor building promises to provide an inspiring and visually appealing work environment for Amazon employees. Additionally, the building will offer various amenities, such as an indoor cafeteria and lounge with oversized seating, ensuring that employees have comfortable and stylish spaces to relax and recharge during their workday.
While Amazon’s primary focus will be on the Lord & Taylor building, the company will still maintain offices at other Manhattan locations, including Hudson Yards. The company is committed to creating a dynamic and efficient working environment for its employees, consolidating its operations and fostering collaboration.
As New York eagerly anticipates the opening of Amazon’s flagship office space, business leaders and city officials recognize the positive impact this expansion will have on the surrounding area. Not only will Amazon bring more employment opportunities to the city, but the company has also demonstrated its support for the community by donating over $600,000 to aid popular parks, such as Bryant Park, during the pandemic.
The nearby Park Terrace Hotel sees Amazon’s arrival as a potential boost to its own restaurant and rooftop bar, hoping to attract the company’s employees as regular patrons. This optimism reflects the resilient spirit of New York and the recognition that Amazon’s presence will contribute to the city’s ongoing revitalization.
While Amazon expands its footprint in New York, its headquarters in Virginia has experienced a construction pause. However, this does not hamper the company’s commitment to growth, as it has already hired 8,000 employees who will report to the nearby Met Park campus.
It’s worth noting that not all of Amazon’s employees across the country are thrilled about returning to the office. In response to CEO Andy Jassy’s mandate to return at least three days per week, around 30,000 workers signed a petition requesting a reconsideration. Additionally, reports indicate that approximately 2,000 Seattle-based employees participated in a walkout on May 31st. It is important for Amazon to address these concerns and find a balance that prioritizes the well-being and satisfaction of its employees.
Overall, Amazon’s purchase of the Lord & Taylor building and its plans for a premier office space signify its continued confidence in New York City’s potential. With its commitment to providing a captivating and comfortable work environment, Amazon aims to create an office space where employees feel motivated and inspired to contribute to the company’s success.
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