Historic Wanamaker Building Sold in Online Auction

The Wanamaker building in Philadelphia's Penn Square has been sold. The property fetched $30 million during a single-day real estate auction held on June 3, conducted by Bid4Assets, an online marketplace for distressed real estate auctions, in partnership with the Philadelphia Sheriff's Office. 

TF Cornerstone, a New York-based real estate developer, confirmed the property's purchase. A TFC representative said that plans for the historic building include transforming it into hundreds of modern condominiums, preserving the property's historic integrity, and giving it a new purpose.

According to The Wanamaker Building's website, 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. The structure is now a major Class AA office and retail property with 12 stories above ground and three stories below. As one of the largest buildings in Philadelphia, The Wanamaker Building is situated on an entire city block, bounded by Market Street, Chestnut Street, Thirteenth Street, and Juniper Street.

“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 innovative online auction platform provided by Bid4Assets has revolutionized the way our office handles real estate auctions, increasing participation and transparency while reducing costs. This sale reflects the positive impact of embracing technology for public service.”

Bid4Assets President Jesse Loomis pointed to the sale of the Wanamaker building as an example of a shift to online real estate auctions for the future of property sales.

“Bid4Assets has been pioneering online real estate auctions not only in Philadelphia but across Pennsylvania counties,” Loomis said in a statement in the release. “By shifting to online platforms, we've seen higher auction participation, increased third-party sales, and smoother, more cost-effective processes.”