The historic Wanamaker Building could be headed for auction after a court ruling in the foreclosure case, which sided with lender TF Cornerstone and removed the possibility of a trial, writes Paul Schwedelson for the Philadelphia Business Journal.
The New York developer has been working on seizing control of the beleaguered Center City office building from Philadelphia’s Rubenstein Partners, with plans to auction off the 114-year-old property.
The Jan. 31 ruling in the Philadelphia Court of Common Pleas partially granted TF Cornerstone’s motion for summary judgment relating to Rubenstein’s liability. TF Cornerstone stated in a November filing Rubenstein owed approximately $126 million on the loan for the property. A hearing is scheduled for February 25 to assess TF Cornerstone’s damages.
“We’re pleased with the court’s ruling,” said TF Cornerstone in a statement. “We now await the court’s determination on damages, which we anticipate will follow the February 25 hearing. This ruling is a critical step in the foreclosure process, bringing us closer to resolving this matter.”
Rubenstein owns the office portion on floors 4 through 12 of the building plus a 660-space underground parking garage.
Read more about the latest court ruling surrounding the Wanamaker Building in the Philadelphia Business Journal.
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