After years of uncertainty surrounding the future of the iconic Wanamaker building, TF Cornerstone has officially taken full ownership following a foreclosure auction held Tuesday.
The New York-based developer announced plans to convert a significant portion of the building’s office space into residential units as part of a major repositioning effort.
With the acquisition, TF Cornerstone now controls the entire 1.4 million-square-foot property located at 1300 Market Street, directly across from Philadelphia’s City Hall. The firm previously purchased the building’s lower three retail floors — once home to Macy’s — for $40 million in 2019. The department store closed its doors earlier this spring, clearing the way for redevelopment.
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