TF Cornerstone Solidifies Ownership Of Wanamaker Building, Shares Details Of Office-To-Resi Conversion

One of Philadelphia’s most iconic commercial buildings is now in the hands of a single owner with a clear redevelopment plan.

TF Cornerstone’s acquisition of the fourth through 12th floors of the Wanamaker Building and 660 parking spaces below the structure is now complete, the company announced Tuesday. It purchased the former Macy's space on the first three floors in 2019.

The developer is plotting a partial office-to-residential conversion that will bring 600 new loft style apartments to the top six levels of the structure.

New retail uses are slated for the first and second levels while the fourth and fifth floors will be preserved as offices, according to a press releasee. The Crystal Tea Room event space will also remain intact.

TFC plans to create a public space on the lower levels of the 1.4M SF building, where the iconic Wanamaker Organ will be preserved.

Construction is expected to begin in Q1 2026 and wrap up within two years.

“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,” TFC Senior Vice President Jake Elghanayan said in a statement.

“Much like the major renovation of the building undertaken approximately 35 years ago when the Wanamaker was last operated as a single department store, TFC takes seriously its role as the steward of this important civic building.”

Previous owner Rubenstein Partners paid $200M for a majority stake in the upper floors of the building in 2017.

It was 96% occupied at the time, but that rate dropped to just 21% when bankruptcy proceedings began in 2023.

TFC purchased a large amount of debt tied to Wanamaker, which the Philadelphia Court of Common Pleas ruled entitled the company to a $120M credit in Tuesday's auction.

The building started its life as the flagship location for the defunct Wanamaker’s department store chain. Macy’s moved into the building in 2006 but announced plans to shutter the store in January.

While the Wanamaker is one of the most iconic historic buildings in Center City, its 100K SF floor plate is larger than what is typically considered ideal for an office-to-residential conversion.