According to Chicago Curbed, The National Association of Realtors is preparing to do a $45 million overhaul on their 12 story building at 430 N. Michigan Avenue. This project was initiated by partner One Development and designed by architect Healy, Bender & Associates. An additional 18,000 square feet will be added to the building due to a new 13th floor addition. This addition will include offices and a glass-walled circular boardroom according to Crain's.
An earlier proposal in 2013 called for knocking down the plain looking structure in favor of a new plaza and mixed-use skyscraper. This plan never materialized and a retail complex is now in the works for the parcel next to it at 443 N. Wabash Avenue.
The new vertical expansion will be the Realtor Building's second height increase in its 56 year history. It originally stood at 10 stories in 1962 and in 1991, two more floors were added. Construction should begin shortly and the 13th floor addition should be done in the second half of next year. When that is finished, the remaining office floors will be renovated.
Per The Real Deal, the National Association of Realtors started this expansion only two months after raising members' annual dues by 25 percent. This was the first time since 2012 that dues had been raised. New offices will provide more work space for tenants in years to come and also allow current tenants to use temporary offices while One Development renovates the building.
The NAR headquarters is situated on a stretch of Michigan Avenue that will see a lot of activity in the next few years. Golub & Company and CIM Group plan a massive overhaul of the former Tribune Tower complex and includes the construction of Chicago's second tallest building. Not long ago, billionaire Joe Mansueto closed on a $255 million deal to buy the Wrigley Building right next door.
According to Chicago Business, CEO Bob Goldberg stated that this facelift was dearly needed. The crown-like addition that will show the Realtors' logo will highlight its image in Chicago while upgrading it for the 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."
The National Association of Realtors CEO | Bob Goldberg
The Realtors building is completely occupied, mostly by a mix of real estate specialty trade groups which redefines it from most downtown office rehabs designed to attract tenants. Goldberg said, "with all the great things happening around us, it was important for us to play our part. We needed to be a good community leader and live up to the standards of what Michigan Avenue is all about."