PSFS Building
The PSFS Building, now known as the Loews Philadelphia Hotel, is a skyscraper which is located in Center City, Philadelphia, Pennsylvania. A National Historic Landmark, the building was the first International style skyscraper constructed in the United States.
| PSFS Building (Loews Philadelphia Hotel) | |
|---|---|
The PSFS Building in 1985 | |
Location within Philadelphia PSFS Building (Pennsylvania) PSFS Building (the United States) | |
| General information | |
| Status | Completed |
| Type | Hotel |
| Location | 1200 Market Street, Philadelphia, Pennsylvania, United States |
| Coordinates | 39°57′5.51″N 75°9′38.21″W |
| Opening | 1932 |
| Cost | US$8 million (1932) |
| Owner | Loews Hotels |
| Height | |
| Antenna spire | 794 feet (242 m) |
| Roof | 491 feet (150 m) |
| Technical details | |
| Floor count | 36 |
| Design and construction | |
| Architect(s) | William Lescaze George Howe |
| Developer | Philadelphia Saving Fund Society |
| Main contractor | George A. Fuller Company |
Philadelphia Savings Fund Society Building | |
| Architectural style | International style |
| NRHP reference No. | 76001667 |
| Significant dates | |
| Added to NRHP | December 8, 1976 |
| Designated NHL | December 8, 1976 |
| Designated PHMC | November 11, 2005 |
It was built for the Philadelphia Saving (later Savings) Fund Society in 1932 and was designed by architects William Lescaze and George Howe. The skyscraper's design was a departure from traditional bank and Philadelphia architecture, lacking features such as domes and ornamentation. Combining Lescaze's experience with European modernism, Howe's Beaux-Arts background and the desire of Society President James M. Wilcox for a forward-thinking, tall building the skyscraper incorporated the main characteristics of an International style architecture.
Called the United States' first modern skyscraper, and one of the most important skyscrapers built in the country in the first half of the 20th century, the building featured an innovative and effective design of a T-shaped tower that allowed the maximum amount of natural light and rentable space. The Philadelphia Saving Fund Society's offices and banking hall featured custom-designed furniture, including custom Cartier clocks on every floor. The top of the skyscraper featured the bank's boardroom. The building was the second high-rise in the U.S. to be equipped with air conditioning. The skyscraper is topped by a red neon sign with the PSFS initials. Visible for 20 miles (32 km), the sign has become a Philadelphia icon.
In the 1980s, the Philadelphia Savings Fund Society lost millions. In 1992, the bank and its building were seized by the Federal Deposit Insurance Corporation (FDIC). That same year, the skyscraper was 85 percent vacant. The FDIC auctioned the building off, and it was bought by developers to turn into a Loews Hotel. The Pennsylvania Convention Center opened in 1993 a block away. Conversion into a hotel began in 1998, and the Loews Philadelphia Hotel opened in time for the 2000 Republican National Convention.