The iconic Wanamaker Building, one of the largest buildings in Philadelphia, traded hands in a third-party sale through an online auction in partnership with the Philadelphia Sheriff’s Office.
The property located at 100 Penn Square East fetched $30 million during a single-day real estate auction held in June, conducted by Bid4Assets, an online marketplace for distressed real estate auctions. New York-based TF Cornerstone, a real estate developer, acquired the building. The firm plans to transform the property into hundreds of condominiums.
The building was constructed on the original site of the Grand Depot at Thirteenth and Market Streets for the flagship Wanamaker Department Store and its corporate offices. It is now an office and retail property with 12 stories above ground and three stories below.
“The Wanamaker building is an integral part of Philadelphia’s history, and I am proud that we were able to facilitate a sale that ensures its continued development in a way that benefits our community,” said Sheriff Rochelle Bilal.
The post Wanamaker Building in Philadelphia Sold in Third-Party Deal appeared first on Connect CRE.