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55 E Washington Street - Pittsfield Building, Chicago, IL

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DetailMap
55 E Washington Street - Pittsfield Building

SEC
Chicago, IL 60602-2103 - East Loop Submarket


Property Type:Office Sub Type:- Status:Existing , Renov 1991 Year Built:1927
Stories:38 Typical Floor:15,531 SF Building Size:590,183 SF
Smallest Space:3,058 SF Largest Space:5,716 SF Total Space Avail:8,774 SF Rent/SF/Yr:
Negotiable
Amenities:Atrium, Conferencing Facility, Food Service, On Site Management, Property Manager on Site


Space Available:
Floor
SF Avail
Rent
Occupancy
Lease Term
Space Use
 BSMT
5,716 SF
Negotiable
Vacant
Negotiable
Retail
 GRND
3,058 SF
Negotiable
Vacant
Negotiable
Retail
 
10361178
10361182
Floor Plan
  
Marketing Flyer Marketing Flyer  
Space Notes Space Notes  


Floor
SF Avail
Rent/SF/Yr
Occupancy
Lease Term
Space Use
BSMT
5,716 SF
Negotiable
Vacant
Negotiable
Retail
GRND
3,058 SF
Negotiable
Vacant
Negotiable
Retail
The Pittsfield Building is a 38- story skyscraper built in 1927 located in the heart of the East Loop. A few of its distinctive characteristics include a Classic lobby featuring a soaring five floor atrium.
Dramatic views of Lake Michigan, Grant Park and Millennium Park with an unbeatable location steps away from Millennium Park, Grant Park, The Art Institute, Orchestra Hall, the Chicago Cultural Center, Daley Center, Dirksen Federal Building, Chicago Theater District, State Street Shopping and CTA buses, trains and parking.
The Building has 24 hr manned security, on site responsive management, access to high speed internet. Building also offers a conference room for use by its tenants.

The Pittsfield Building was purchased by Pittsfield Development LLC in 2000 for $15 million. It was designated a landmark in November of 2002 when Jeweler’s Row was recommended for landmark status in July, 2002.
Extensive renovations and façade restorations were done - $2.4 million for façade and $2 million for the elevator modernization. Lighting was installed on the crown to light the building.
Other improvements have been or are ongoing on mechanical systems, electric, abatement, new roofs,plumbing and fire sprinklers throughout the building.
In 2008, Pittsfield Development LLC sold nine floors (13-21) to another developer, 55 East Washington Dev LLC who renovated the floors with apartments which are currently leased to universities for student housing.
Additionally Floors 9-12 under Pittsfield Residential II LLC have also been renovated for apartments and is currently leased .
The rest of the building ( first basement through the 8th floor and 23rd through the 38 th floors) are occupied by commercial tenants including a Chase Bank Branch and two restaurants , Toni’s (Bakery/Sandwich establishment) and Pittsfield Café on the first floor and a mix of medical users, jewelers, architects, law firms, therapists, optical, hair salons, and a barber shop throughout the building.

Sale Notes:
Call for Offers: April 4th
Deposit: $1,600,000

Property Tours:
Property tours are available by appointment only on Thursday, March 23rd and 30th. Please contact Theron May at 773-736-6461 to RSVP for a tour.

**Offering will be delivered with free and clear title upon sale.**

Opportunity to acquire the historic Pittsfield Building (Floors 1 to 12 and 23 to 40) in downtown Chicago Loop, just a block from Millennium Park and along Chicagos historic Jewelers Row. At 40 stories, the Pittsfield Building was the tallest building in Chicago at the time of its design by Graham, Anderson, Probst and White in 1927. Built in the Art Deco and Gothic styles, this asset was designated a Chicago historic landmark in 2002 and includes soaring open spaces with a five-story atrium adorned with brasses and carvings in the Spanish-Gothic style.

The Pittsfield Building was originally built as an office building with several floors of jewelry shops and other retail. While there are still some commercial leases in place above, a large portion of the property has been vacated and several floors were converted to residential apartments. The ground floor retail space is currently occupied by Toni Patisserie, Fiancee Jewelry, and the Pittsfield Cafe, which has operated for a number of decades. Additionally, floors 9-12 were carved out for additional residential units in 2009, though units were only built out on floors 10-12, and floor 9 is currently vacant. These apartments are being operated separately. Floors 2-9 were issued a building permit to build a 191 room hotel in late 2015. The hotel has not been built out at this time.

In 2008 there was a vertical subdivision that separated floors 13 – 21 into Fornelli Tower, which is currently separately owned and being operated as rental apartments.


Robert K. Futterman & Associates, LLC
Anthony Campagni
(312) 698-8815

Elan Rasansky
(312) 698-8896



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