After negotiations with Philadelphia-based Rubenstein Partners are complete, the iconic Wanamaker building will fully belong to Manhattan-based real estate company, TF Cornerstone, writes Jake Blumgart for The Philadelphia Inquirer.
TF Cornerstone had owned the 435,000-square-foot portion of the building that currently contains Macy’s since 2019, before purchasing the debt for the remaining 954,262-square-foot office portion that has been struggling, last year.
“When Macy’s closes in the spring, TFC plans to begin the transformation of the 114-year-old landmark from retail and predominantly vacant office space into a mixed-use anchor for Center City, with new entertainment and fitness outlets, shopping, office, and loft apartments all under one roof,” the company said in a statement.
It remains early to reveal specific plans, however TFC has described a rough outline that could include three or four floors of office space above the retail space within the building.
Meanwhile, the rest of the upper floors of the building would be converted into apartment uses. In addition, the space that is now occupied by Macy’s would be divided to allow numerous stores with a smaller format.
Philadelphia’s commerce director Alba Martinez said it was ensured the historic legacy of the building will be respected.
Read more about what plans are currently in place for the future of the Wanamaker building at The Philadelphia Inquirer.
_____
Editor’s Note: This post was originally published on PHILADELPHIA Today in January 2025.
