Stake in Center City's Wanamaker building sold for $114 million

Dallas-based TIER REIT has sold most of its stake in Philadelphia's Wanamaker building at 13th and Market Streets for about $114 million, the company said in a release on Wednesday.

The company's interest in the approximately 1.4-million square-foot property, which accommodates a Macy's department store and office space, was acquired by Philadelphia-based Rubenstein Partners, according to a person with knowledge of the transaction but not authorized to discuss it publicly.

Amerimar Enterprises, which has held an operating interest in the property, will retain its stake in the building, the person said.

Spokespeople for TIER and Rubenstein declined to comment.

TIER has said that the Wanamaker building was being sold as part of a strategy of exiting Philadelphia to focus on other markets. It has said that it was also seeking a buyer for the Three Parkway office building, the company's last remaining Philadelphia property.

Rubenstein has had no Philadelphia holdings since its sale of the One Washington Square office building to Conshohocken-based Keystone Property Group in July.