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"Lord & Taylor is clearing the decks for the planned $100 million renovation of its Fifth Avenue flagship. The luxury department store, now owned by NRDC Equity Partners, has signed one of the year's biggest office leases, taking 109,000 square feet at the mammoth Starrett-Lehigh Building on 11th Avenue, aka 601 W. 26th St. The deal will free up precious space in the flagship store building on Fifth Avenue at 38th Street, which also houses the Lord & Taylor chain's front office. The 10-story flagship is on the brink of a dramatic transformation. Lord & Taylor CEO Jane Elfers has already reoriented its merchandise along more stylish, contemporary lines. Meanwhile, NRDC has brought in a design team to rejuvenate the property, which might soon be designated an official landmark." [NY Post]