Tall & Urban News

An investor who acquired a significant portion of Chicago’s historic Pittsfield Building is proposing an office-to-residential conversion, adding to the growing trend of repurposing underutilized office space in the city’s downtown.

Tom Liravongsa, an investor based in Grand Rapids, Michigan, is seeking approval from the Chicago City Council to transform the building’s vacant office floors into 214 residential units. Liravongsa’s firm, L’Cre Global, specializes in large-scale redevelopment projects. He secured ownership of 30 of the building’s 40 floors in a foreclosure sale in April 2023.

The Pittsfield Building, located at 55 E. Washington St., has long struggled with financial and legal challenges. Initially completed in 1927 as the tallest building in Chicago at the time, it was later divided into separate ownership pieces. Floors 13 through 21 were sold to Chicago-based Marc Realty, which currently operates 177 residential units, while the remaining floors changed hands through multiple failed redevelopment attempts.

Previous proposals for the space included hotel and residential conversions, but financial struggles, lawsuits, and a bankruptcy in 2017 stalled progress for any of these proposals. A subsequent owner, Xiao Hua “Edward” Gong, faced criminal securities fraud charges in Canada, leading to asset freezes that further delayed its redevelopment.

Marc Realty has authorized Liravongsa’s venture to pursue rezoning and development, provided it does not impact the existing apartments. If approved, the project would add to a series of downtown office-to-residential conversions aimed at addressing remote work shifts and continually strong rental demand.

Learn more at Crain's Chicago Business