National Association of Realtors plans $45M expansion, Mag Mile HQ overhaul

The project comes 2 months after the group hiked dues by 25 percent

Chicago /
Jul.July 11, 2018 09:00 AM

NAR CEO Bob Goldberg and theRealtor Building at 430 North Michigan Avenue (Credit: NAR)

The National Association of Realtors is planning a $45 million expansion and renovation of its Magnificent Mile headquarters, just two months after raising members’ annual dues by 25 percent.

The project will include an 18,000-square-foot glass-enclosed office and conference center atop the 12-story Realtor Building at 430 North Michigan Avenue, association CEO Bob Goldberg told Crain’s.

One Development, which is the design and development arm of GNP Realty Partners, will spearhead the project for the NAR, and it will also include new elevators and lobby, along with infrastructure upgrades.

The Realtor Building is fully occupied, primarily by real estate trade groups. It was built in 1962 and was 10 stories; two floors were added in 1991.

The 13th-floor addition will include a 25-seat rotunda board room with views of the skyline, One Development president John Gagliardo told Crain’s. New offices will provide more work space for tenants in the future and allow current tenants to have temporary offices while One Development renovates floor by floor from the top of the building down.

Work on the new top floor is expected to start in the fall and be completed in a year, with floor-by-floor renovations to follow.

The NAR headquarters sits on a stretch of Michigan Avenue set to see a flurry of activity in the coming years as Golub & Company and CIM Group plan a massive overhaul of the former Tribune Tower complex, which would include construction of Chicago’s second-tallest building.

Next door, billionaire Joe Mansueto recently closed on a $255 million deal to buy the iconic Wrigley Bulding.

In May, the association raised annual dues 25 percent, from $120 to $150, to go with the extra annual fee of $35 for NAR’s advertising campaign.

NAR hadn’t raised dues since 2012, when members were asked to pay an additional $40. Some $17 of the increase was to be dedicated to upping the group’s political activity spending and the remaining $13 was to help pay for a transaction management platform, zipLogix. [Crain’s] — John O’Brien


Related Articles

arrow_forward_ios
A photo illustration of the Cité restaurant in Lake Point Tower (Facebook/Cité, Getty Images)
Bankrupt Cité restaurant owned by ex-NY first lady sold for $4M
Bankrupt Cité restaurant owned by ex-NY first lady sold for $4M
Elgin Mall (Google Maps, Getty Images)
Suburban Chicago shopping center sold to private investor
Suburban Chicago shopping center sold to private investor
Cresa’s Greg Schementi (Getty Images, LinkedIn/Greg Schementi)
Cresa’s Greg Schementi on why most brokerages have a “conflict of interest”
Cresa’s Greg Schementi on why most brokerages have a “conflict of interest”
Shaya Prager with Highland Landmark II and Corporate 500 (Photo-illustration by Paul Dilakian/The Real Deal)
Shaya Prager takes on the Windy City
Shaya Prager takes on the Windy City
Rendering of the Hemmens Cultural Center (City of Elgin, Getty)
Elgin plans $6M expansion of Hemmens Center
Elgin plans $6M expansion of Hemmens Center
1415 Diehl Road in Naperville and Endotronix's Harry Rowland (JLL, Endotronix)
Medtech company moves to Naperville, expands office footprint
Medtech company moves to Naperville, expands office footprint
Savlan Capital's Zusha Tenenbaum with 12200 South Western Avenue (Loopnet, Savlan Capital)
South Florida buyer pays $6.1M for suburban Chicago medical building
South Florida buyer pays $6.1M for suburban Chicago medical building
320 South Canal Street, 360 North Green Street and 110 North Wacker (320 South Canal, 360 North Green, 110 North Wacker, iStock)
Chicago’s trophy offices in West Loop, River North draw the most leasing
Chicago’s trophy offices in West Loop, River North draw the most leasing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...