The National Association of Realtors is planning major renovations to it's Michigan Avenue National Headquarters. They will be building out the lower level and will be improving its fitness center and office space according to The Real Deal.
The building is located at 430 North Michigan Avenue and a permit was granted to renovate almost 14,000 square feet of the building.
In November, the NAR received a city permit to begin work on the $45 million expansion to its building known as the Realtor Building. The plans call for the following items to be done:
- Addition of the 13th and 14th floors to the existing 12 story building overlooking the Magnificent Mile
- New elevators
- New lobby
- Improvements to the fitness center and office space may not be included at this time.
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Per the Chicago Business, this renovation is a much needed facelift for the association's antiquated and wholly owned headquarters. The crown-like addition that will bear the Realtors' logo will help to highlight its presence in Chicago while upgrading it for its 225 locally based employees and the hundreds of events held there by some of its 1.3 million members.
"We're looking at the next 30 to 40 years of our organization and our growth, and how to make sure that we have a headquarters that can accommodate what we need to better serve our members."
CEO National Association of Realtors | Bob Goldberg
The building was constructed in 1962 with 10 stories. Two floors were added in 1991. This will be the second time the building has been expanded.
According to BisNow, Nar's partner in the project is ONE Development, a new development and design arm of GNP Realty Partners. NAR CEO Bob Goldberg stated the project is notable because the building is fully leased to an assortment of trade groups including the Chicago Association of Realtors, which cut the ribbon on its new headquarters last year.
The southern edge of the Mag Mile, which is bounded by Michigan Avenue and East Wacker Drive, has become a hotbed of real estate activity. Across the street from the Realtors Building, the Tribune Tower is in the process of redevelopmentalong with many others.
