New York developer TF Cornerstone is expected to convert the office portion of the historic Wanamaker Building into residential units after completing foreclosure proceedings, according to a source familiar with the plans. Foreclosure on the 1.4 million-square-foot Center City property is set to progress early next year. TF Cornerstone, which acquired the majority of the office portion’s debt earlier this year, has been actively pursuing foreclosure against the building’s owner, Rubenstein Partners, in the Philadelphia Court of Common Pleas. A settlement conference is slated for January 6, aiming to resolve the case. If no resolution is reached, a pre-trial conference is scheduled for February 3, with the trial set to begin on March 3.
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