Amazon is buying the former Lord & Taylor building for $1.15 billion. The Fifth Avenue landmark, which spans 11 stories and 61 315sqm will serve as Amazon's New York City headquarters, housing several thousand employees in the coming years.

Only two years ago, the troubled office-sharing startup WeWork leased the former department store building to become its own headquarters. But WeWork's plans fell apart last fall when the company and its former CEO Adam Neumann were embroiled in a series of scandals that ultimately derailed its plans to go public.

The former Lord & Taylor building is the latest office space the e-commerce giant has snapped up in New York City, after Hudson Yards and the Farley Building.