New York City real estate developer TF Cornerstone has officially solidified its full ownership of the historic Wanamaker Building in Center City, writes Noah Zucker for BisNow.
After initially purchasing the building’s first three floors in 2019, the developer later acquired the fourth through 12th floors and 660 parking spaces in its underground garage last year.
Now as the full owner of the Wanamaker building, TF Cornerstone is planning an office-to-residential conversion resulting in 600 new loft-style apartments within the top six floors.
The first and second floors will become new retail spots after Macy’s closure. Meanwhile, the fourth and fifth floors will be preserved as office spaces.
The Crystal Tea Room and Wanamaker Organ, respectively, are also slated to remain.
“Throughout the entire process we have considered the deep historical and sentimental value of the Wanamaker Building to the Philadelphia community,” TFC’s senior vice president Jake Elghanayan said in a press release. “We feel privileged to be given the opportunity to reimagine this iconic building in a way that respects its historic integrity and adds to the vibrancy of the Center City community.”
Construction is expected to start in early 2026 and be completed within two years.
Read more about TF Cornerstone’s plans for the Wanamaker Building’s future after its full acquisition at BisNow.
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