The historic Wanamaker Building in Center City is slated for a foreclosure auction on June 3, with New York-based developer TF Cornerstone holding a $120 million head start. The firm, which acquired the majority of the building’s debt earlier this year, was granted a credit bid of $120 million – the amount owed by current owner Rubenstein Partners –  under a February ruling by the Philadelphia Court of Common Pleas.

A May decision finalized the building’s path to a sheriff’s sale. The auction will be held on Bid4Assets, the online platform used by the Philadelphia Sheriff’s Office. No minimum bid has been set, but participants must submit a $5,035 deposit by May 27 to qualify.

With the credit bid in place, TF Cornerstone is the clear frontrunner for acquiring the property. Any competing bidder would need to offer more than $120 million to win.

TF Cornerstone plans to convert the iconic property from office to residential use if it takes ownership. The firm has not disclosed how much it paid for the debt when it acquired it last summer.

*Article courtesy of Philadelphia Business Journal

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