Former GNC building gets new lease on life
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The former GNC headquarters at Wood Street and Sixth Avenue in Downtown Pittsburgh. Photo: Ryan Deto/Axios
Downtown is getting a fresh supply of housing with the conversion of a 120-year-old office building.
Why it matters: The city is working to redefine the Golden Triangle after a pandemic-era shift to hybrid work increased office vacancy rates. Converting older office buildings into housing is a key part of that plan.
Driving the news: New York-based developer Victrix last week celebrated the grand opening of its 253-unit residential tower, Livewell Apartments, in the former GNC headquarters.
- Located at 550 Wood St., the building's first tenants started moving in late last year.
Catch up quick: Victrix bought the 14-story, 314,000-square-foot building for $9.4 million in September 2021, according to county property records. Construction started in early 2023.
- Pittsburgh-based health and wellness brand GNC moved its headquarters to the Strip District in 2022 after emerging from bankruptcy in late 2020.
Zoom in: Livewell Apartments offers studios and one-, two- and three-bedroom units with 12-foot ceilings, coworking facilities, a rooftop clubhouse, and a fitness center. The ground level has more than 13,000 square feet of retail space, partially occupied by a KeyBank branch.
- Rent is market rate, ranging from about $1,500 to $3,800.
- Developers did not disclose the total project cost, but it was funded in part by $6 million in gap financing from Strategic Investment Fund Partners.
The intrigue: The building was designed in the early 1900s by renowned architect Daniel Burnham as the McCreery & Co. department store. Burnham also designed the Flatiron Building in New York City and Union Station in Washington, D.C.
What they're saying: Each new development brings the city closer to its "collective and ambitious goal to double [the Golden Triangle's] residential population to 15,000," says Jeremy Waldrup, Pittsburgh Downtown Partnership president and CEO.
By the numbers: The Golden Triangle's population increased 23%, to roughly 7,000 people, from 2019 to 2024, with a 91% apartment occupancy rate in the last quarter of 2024, according to the partnership.
Zoom out: City leaders say the building's conversion supplements a broader $600 million initiative to boost Downtown housing and revamp public spaces like Market Square and the Cultural District — both due for facelifts ahead of the 2026 NFL draft.
- Downtown buildings specifically targeted for a residential rebirth as part of the initiative include the iconic 44-story Gulf Tower and the 12-story May Building.