Headlines: Wanamaker Building Could Fetch Upwards of $200 Million in Sale
Plenty of Philadelphia office buildings have been sold in the past year (the one that houses PhillyMag just sold for big bucks), but none are decidedly as grand as the Wanamaker Building. Natalie Kostelni of the Philadelphia Business Journal reports that the it has been put up for sale by the partnership of Amerimar Enterprises Inc. of Philadelphia and Tier REIT out of Dallas. The building, which encompasses 1.9 million square-feet including the parking garage, is expected to grab upwards of $200 million once sold.
The Wanamaker Building is a Philadelphia icon, both for its grandeur of a bygone era as one of America’s first department store and for its place in the lives of many a Philadelphian–the Christmas Light Show, fancy window displays and “Meet Me at the Eagle.” This place was so magical that it once had a monorail system (now at the Please Touch Museum) and the pipe organ is one of the largest musical instruments in the world.
Though Macy’s may be closing in Suburban Square, this potential sale won’t impact the flagship on Market Street. Kostelni reports their lease of the first three floors of the building runs through 2027. Doug Rodio, broker with JLL, expects bidders to come out of the woodwork for this gem, telling Kostelni: “Given the profile and historical nature of the building, I think it’s going to be a who’s who of local, regional, national and international bidders interested in it,”
What, no mannequins?
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