TF Cornerstone, an owner of Grand Central Terminal, has purchased the section of Center City’s Wanamaker Building occupied by Macy’s. It’s the New York company’s first Philadelphia acquisition.
TF Cornerstone Inc., a major property holder in New York, closed on the 435,000-square-foot, three-story portion of the property earlier this month, a spokesperson said. The price was not disclosed.
The Wanamaker Building, across the street from City Hall at 13th and Market Streets, was constructed in 1904 as one of the country’s first department stores. Its central hall, which continues to host a popular holiday light show, is home to the world’s largest playable instrument, the Wanamaker Grand Court Organ.
“The Wanamaker Building, and in particular its Grand Court, serves as a historic and cultural landmark in the center of Philadelphia," TF Cornerstone principal Jake Elghanayan said in a statement Wednesday. "We are excited to be associated with its past and a part of its future.”
The sale divides the historic 1.4 million-square-foot building between separate ownership groups, with Rubenstein Partners and Amerimar Enterprises retaining the office section that occupies its upper floors.
Macy’s, which has a long-term lease for the building’s lower-level retail space, is expected to remain as a tenant, the spokesperson said.
TF Cornerstone shares ownership of Grand Central Terminal with MSD Partners, an investment firm whose clients include Dell Technologies founder Michael Dell and his family.
The companies are using their air rights at the historic transit station in a plan to replace the Grand Hyatt New York hotel — originally developed by Donald Trump — with a new, two million-square-foot office-and-retail tower.
TF Cornerstone also owns the 60-story Carnegie Hall Tower office skyscraper beside the storied New York music hall and developed the 4610 Center Blvd. apartment tower in Queens, for which it restored a landmark Pepsi-Cola sign at the site.