PSFS Building
| Loews Philadelphia Hotel (Former PSFS Building) | |
|---|---|
The PSFS Building in 1985, before its conversion into Loews Philadelphia Hotel | |
Location within Philadelphia PSFS Building (Pennsylvania) PSFS Building (the United States) | |
| General information | |
| Status | Completed |
| Type | Hotel |
| Location | 1200 Market Street, Philadelphia, Pennsylvania, U.S. |
| Coordinates | 39°57′5.51″N 75°9′38.21″W / 39.9515306°N 75.1606139°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 | |
| Architects | William Lescaze George Howe |
| Developer | Philadelphia Saving Fund Society |
| Main contractor | George A. Fuller Company |
Philadelphia Savings Fund Society Building | |
Pennsylvania state historical marker | |
| Architectural style | International Style |
| NRHP reference No. | 76001667 |
| Significant dates | |
| Added to NRHP | December 8, 1976 |
| Designated NHL | December 8, 1976 |
| Designated No parameter | November 11, 2005 |
The PSFS Building, also known as the Loews Philadelphia Hotel, is a skyscraper in Center City, Philadelphia, Pennsylvania. The building, the first International Style skyscraper constructed in the United States, was designed by architects William Lescaze and George Howe, was built for the Philadelphia Saving (later Savings) Fund Society. 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 International style architecture. The building is listed on the National Register of Historic Places as a National Historic Landmark.
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 of dollars. In 1992, the bank and its building were seized by the Federal Deposit Insurance Corporation (FDIC); by then, 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.