One of Center City's most storied ballrooms is not going anywhere anytime soon. Finley Catering has signed on for a 29‑year lease at the Wanamaker Building's Crystal Tea Room, a deal that secures the historic space through 2055 and comes with a multimillion‑dollar buildout to refresh and expand its event footprint. The long horizon effectively anchors the Crystal Tea Room as developers move ahead on a broader overhaul of the Wanamaker.
As reported by Philadelphia Business Journal, the lease stretches nearly three decades and charges Finley Catering with carrying out a substantial renovation of the ninth‑floor ballroom. The outlet frames the pact as a long‑term bet that keeps a major events operator locked into the property while ownership pursues its redevelopment plans for the landmark building.
Finley already markets the Crystal Tea Room as part of its downtown portfolio, describing the ninth‑floor venue as a grand, chandeliered ballroom that can host roughly 150 to 1,200 guests. On the company’s venue page, the Crystal Tea Room is listed at 100 Penn Square East in the Wanamaker Building, a detail that underscores Finley’s ongoing commitment to planting deep roots in Philadelphia’s event real estate scene.
Redevelopment Context
The long lease lands as TF Cornerstone and partner Alterra advance plans for a mixed‑use conversion of the Wanamaker that would introduce residential units, carve the former Macy’s footprint into smaller retail spaces, and preserve signature areas like the Grand Court and the Crystal Tea Room. The Philadelphia Inquirer has detailed the developers’ outreach to city officials and their broader ambitions for reshaping Market East.
Industry coverage indicates the concept includes loft‑style apartments, restored skylights and new public amenities, while explicitly keeping the Crystal Tea Room in place as an events anchor, according to reporting from Bisnow. For Finley, pairing a lengthy lease with fresh capital could translate into a modernized, competitive venue that still leans into its historic character in a crowded weddings and events market.
What To Watch
The overall project still needs design approvals and sign‑offs from the Philadelphia Historical Commission before major construction can start, and renderings unveiled late last year arrived with a reminder that preservation reviews are a key hurdle. NBC10 Philadelphia has reported that city review and permitting will ultimately dictate when heavy work can begin and how the Crystal Tea Room’s event calendar gets woven around construction activity.
