Purchased an over-a-century-old high-rise building featuring 228 residential units, presently working on renovation plans
In the heart of Chicago, a 38-40 story Art Deco skyscraper, known as the Pittsfield Building, is undergoing a remarkable transformation under the guidance of investor Tom Liravongsa. Constructed in 1927 and designated a historic landmark in 2002, the building has a rich history that dates back nearly a century.
Originally built by Marshall Fields III as part of the Marshall Field estate, the Pittsfield Building once housed the largest medical office east of the Mississippi River, with over 775 doctors and dentists practicing within its walls. Located on Jewelers Row, the building was also home to specialized jewelry stores, such as a pearl jewelry store on the sixth floor.
Tom Liravongsa, a former hedge fund manager, purchased the majority of the Pittsfield Building after it had been vacant for over a decade. The last lease ended in 2017, leaving the building in disarray.
Liravongsa's vision is to convert the office spaces into sleek residential apartments while preserving the 1920s Art Deco allure and craftsmanship of the building. The building's unique features, such as built-in safes and basement compressors supplying compressed air for medical offices, are being meticulously restored to highlight the building's original use and craftsmanship.
Liravongsa's restoration project also leverages a highly successful digital storytelling and social media strategy. This innovative approach has gained massive attention, with over 60 million views and 400,000 followers within a month, turning the renovation into a viral sensation on platforms like TikTok and Instagram. This strategy has earned Liravongsa the nickname "Tom the Skyscraper Guy" and attracted interest from major entertainment companies like HBO, Netflix, and Amazon.
The Pittsfield Building renovation is not just a real estate restoration project but also a case study in how digital content can elevate interest and engagement with historic architecture. Liravongsa stands out as a rare skyscraper owner who openly shares the process on social media, bringing transparency and excitement to the preservation scene.
The renovation is being done in partnership with other investors. The 13th to 21st floors are not owned by the partnership. The market is shifting towards "theme-based buildings," with a preference for conversions like the Pittsfield Building. The building is now offering opportunities for the public to visit and appreciate its history.
The apartments on the 10th to 21st floors are market-rate, while the floors not owned by the partnership are also being converted into apartments. The building currently has 228 apartments, with approximately 80% occupancy. In modernizing the building, the preservation of craftsmanship details is combined with modern comforts.
The Pittsfield Building renovation project is a testament to the blending of preservation of architectural history, creative repurposing into modern apartments, and innovative digital storytelling, making it a landmark project in both real estate and content creation.
What about transforming the abandoned spaces on the 13th to 21st floors into unique investment opportunities for those interested in property in the heart of Chicago's financial district? With the rising trend of theme-based buildings and the success of the Pittsfield Building's digital marketing strategy, these spaces could attract investors looking to invest in real-estate with a rich history and a promising future in the world of modern residential apartments.
In light of the increasing demand for apartments in the renovated building, considering a distinct approach to finance the transformation of the 13th to 21st floors, such as crowdfunding or shared ownership, could provide a fresh avenue for investors and the wider public to engage with the history of the Pittsfield Building while simultaneously investing in the real-estate market.
