Tweet
TF Cornerstone has announced their plans now that they own the entire Wanamaker Building. This is the full text of their press release:
NEW YORK – (June 3, 2025) – Leading New York City real estate development firm TF Cornerstone (TFC) is pleased to announce it is now the sole owner of the historic Wanamaker Building in Center City, Philadelphia.
Following today’s foreclosure auction, TFC was awarded the 954,363-square-foot office portion of the building on floors 4 through 12, and a 660-space underground parking garage, after purchasing the senior loan on those components last summer.
TFC purchased the three-floor, 435,000-square-foot retail portion of the building in early 2019, then occupied by Macy’s. The result of Tuesday’s foreclosure is that ownership of the Wanamaker will again be unified in the hands of one firm. With Macy’s having closed in March of this year, TFC will now move forward with plans to convert a majority of the upper floors into loft apartments, while also investing in upgrades to the lower floors to preserve and attract a diverse mix of commercial tenants including retail, office, and the historic Crystal Tea Room events space. Construction is expected to begin in the first quarter of 2026 and take approximately 24 months to complete. Access to certain office floors and potentially, the Crystal Tea Room, will be preserved during construction on the remainder of the building.
“Throughout this entire process we have considered the deep historical and sentimental value of the Wanamaker Building to the Philadelphia community. Now, as the building enters its next chapter under our helm, we feel privileged to be given the opportunity to re-imagine this iconic building in a way that respects its historic integrity and adds to the vibrancy of the Center City community,” said Jake Elghanayan, Senior Vice President, TFC. “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.”
TFC’s plans for the Wanamaker include creating approximately 600 loft-style apartments on floors 6 – 12, capitalizing on minimum ceiling heights of approximately 16 feet. The scale of the residential offering – together with the column spacing and ceiling heights – will enable TFC to include an amenity offering beyond anything that has been delivered in Philadelphia. TFC will preserve the 4th and 5th floors as office, anchored by the beautifully designed flex-work space managed by Mindspace, and the Crystal Tea Room space on the 9th floor will continue to host events in its historic setting. TFC anticipates bringing one or more cultural uses to the 3rd floor of the building, which enjoys 24’ tall ceilings. The ultimate amenity for both the residents and commercial uses will be a well-curated selection of retailers on the Ground and Second Floors, which will benefit from ample parking, the mixed-use setting, and central location within Center City. The Grand Court will be restored and remain a public space – and the Wanamaker Organ will remain in operation – preserving the Wanamaker’s central role as a cathedral of commerce within Philadelphia.
Since Macy’s vacating the Wanamaker in March, the Friends of the Wanamaker Organ have continued to maintain the historic organ and use it daily. TFC anticipates hosting a number of exciting events within the former Macy’s space during the back half of 2025, before construction begins, which will be announced in the coming months.
“The Friends of the Wanamaker Organ has been enjoying a very close and fruitful relationship with the new owners of the Wanamaker Building, TF Cornerstone, and look forward with gratitude to many years of a productive and artistic partnership,” said Ray Biswanger, Executive Director, Friends of the Wanamaker Organ. “We wish them all the best with the love and care of this iconic Philadelphia landmark.”
NEW YORK – (June 3, 2025) – Leading New York City real estate development firm TF Cornerstone (TFC) is pleased to announce it is now the sole owner of the historic Wanamaker Building in Center City, Philadelphia.
Following today’s foreclosure auction, TFC was awarded the 954,363-square-foot office portion of the building on floors 4 through 12, and a 660-space underground parking garage, after purchasing the senior loan on those components last summer.
TFC purchased the three-floor, 435,000-square-foot retail portion of the building in early 2019, then occupied by Macy’s. The result of Tuesday’s foreclosure is that ownership of the Wanamaker will again be unified in the hands of one firm. With Macy’s having closed in March of this year, TFC will now move forward with plans to convert a majority of the upper floors into loft apartments, while also investing in upgrades to the lower floors to preserve and attract a diverse mix of commercial tenants including retail, office, and the historic Crystal Tea Room events space. Construction is expected to begin in the first quarter of 2026 and take approximately 24 months to complete. Access to certain office floors and potentially, the Crystal Tea Room, will be preserved during construction on the remainder of the building.
“Throughout this entire process we have considered the deep historical and sentimental value of the Wanamaker Building to the Philadelphia community. Now, as the building enters its next chapter under our helm, we feel privileged to be given the opportunity to re-imagine this iconic building in a way that respects its historic integrity and adds to the vibrancy of the Center City community,” said Jake Elghanayan, Senior Vice President, TFC. “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.”
TFC’s plans for the Wanamaker include creating approximately 600 loft-style apartments on floors 6 – 12, capitalizing on minimum ceiling heights of approximately 16 feet. The scale of the residential offering – together with the column spacing and ceiling heights – will enable TFC to include an amenity offering beyond anything that has been delivered in Philadelphia. TFC will preserve the 4th and 5th floors as office, anchored by the beautifully designed flex-work space managed by Mindspace, and the Crystal Tea Room space on the 9th floor will continue to host events in its historic setting. TFC anticipates bringing one or more cultural uses to the 3rd floor of the building, which enjoys 24’ tall ceilings. The ultimate amenity for both the residents and commercial uses will be a well-curated selection of retailers on the Ground and Second Floors, which will benefit from ample parking, the mixed-use setting, and central location within Center City. The Grand Court will be restored and remain a public space – and the Wanamaker Organ will remain in operation – preserving the Wanamaker’s central role as a cathedral of commerce within Philadelphia.
Since Macy’s vacating the Wanamaker in March, the Friends of the Wanamaker Organ have continued to maintain the historic organ and use it daily. TFC anticipates hosting a number of exciting events within the former Macy’s space during the back half of 2025, before construction begins, which will be announced in the coming months.
“The Friends of the Wanamaker Organ has been enjoying a very close and fruitful relationship with the new owners of the Wanamaker Building, TF Cornerstone, and look forward with gratitude to many years of a productive and artistic partnership,” said Ray Biswanger, Executive Director, Friends of the Wanamaker Organ. “We wish them all the best with the love and care of this iconic Philadelphia landmark.”
Comment