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Socialist modernist architecture in the Balkan has left a valuable legacy of remarkable buildings from this century, which brought a mixture of new experiences and local traditions. Unfortunately, after the 1990s, many of these buildings have been neglected, improperly treated, or abandoned. This paper focuses on the iconic socialist modernist office building “Rilindja” in Prishtina, Kosovo, which was built in 1979. In 2010, the building envelope was changed in the name of revitalization, without considering the energy aspect. The study aims to present energy performance analysis through cost-optimal renovation measures of the building envelope while restoring the architectural values before the last renovation. Using Archicad and EcoDesigner STAR, a BIM model was created, and energy analysis was conducted. The findings indicate that eighteen proposed energy efficiency measures can achieve a reduction in energy consumption for heating and cooling of more than 80% over the life cycle period of 20 years. The comparison before and after renovation considering restoring and preserving the inherent values, while integrating energy efficiency measures was necessary, as there is a lack of such studies in the general literature. Finally, the potential of restoring the collective memory through cost-optimal analysis is emphasized as an approach for similar cases.