Wanamaker building likely to be converted to residential following foreclosure

Dated: December 17 2024

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New York developer TF Cornerstone will likely convert the office portion of Philadelphia's historic Wanamaker building to residential after its foreclosure on the property is complete, according to a source familiar with the firm's plans. Foreclosure proceedings for the 1.4-million-square-foot Center City building are set to move forward early next year. TF Cornerstone acquired a majority of the debt on the office portion of the 114-year-old building earlier this year and has moved aggressively to advance the foreclosure case against owner Rubenstein Partners in the Philadelphia Court of Common Pleas. TF Cornerstone declined to comment on its plans, but the developer announced earlier this month that it is teaming with New York-based Dune Real Estate Partners to pursue office-to-residential conversion opportunities. The Wanamaker building, located just east of City Hall at 1300 Market St., is Philadelphia's highest-profile distressed property. The 954,363-square-foot portion of the building, which includes a 660-space underground parking garage, is backed by a $124 million loan originated in 2018. Occupancy has steadily dwindled in recent years, and the building was placed in receivership in September 2023
Source: Philadelphia Business Journal; 12/8/2024

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Pete McGuinn

Pete McGuinn - Your Trusted RE/MAX Main Line Real Estate Expert With over 22 years of experience as a full-time REALTOR® at RE/MAX Main Line, Pete McGuinn is a distinguished real estate professional....

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