The owner of the Wanamaker Building in Center City is considering the possibility of converting the property’s office space into residential space as it has lost many of its tenants, writes Paul Schwedelson for the Philadelphia Business Journal. 

Since the historic, 112-year-old building went into receivership in September, Rubenstein Partners has been mulling the property’s future. 

Rubenstein wrote in a statement, “ownership continues to focus on pursuing a positive path forward and exploring alternatives for the office component of the historic Wanamaker building.” 

The firm has hired Philadelphia-based Tantillo Architecture to work on residential conversion plans and is also looking for a partner to bring in outside funding for potential redevelopment, a received report filed with the Court of Common Pleas in Philadelphia noted.

As of the end of October 2023, the Wanamaker Building’s office space was 35 percent occupied, representing a steep decline from its 96% occupancy rate in 2020.

By that point, the building’s operating activities added up to a net loss of $10.6 million.

The decline in occupancy is among the priority reasons for the contemplation of its future uses.

Read more about the Wanamaker Building’s potential future as residential space in the Philadelphia Business Journal.