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NAR plans renovation at Michigan Avenue national headquarters
The National Association of Realtors has already committed $45M to expansion of Realtor Building
The National Association of Realtors is building out the lower level of its Michigan Avenue headquarters, with plans to improve its fitness center and office space.
The NAR-owned building at 430 North Michigan Avenue has been granted a permit to renovate nearly 14,000 square feet of the the facility’s existing fitness center and office space, according to city records.
In November, NAR received a city permit to begin work on a $45 million expansion of its national headquarters building, known as the Realtor Building. Plans for that project include the addition of 13th and 14th floors to the existing 12-story building overlooking the Magnificent Mile. Renovations were also planned as part of the project, including new elevators and a new lobby.
It is unclear if the lower-level work is part of that larger effort.
NAR’s headquarters sits on a stretch of Michigan Avenue that is seeing a flurry of development activity.
Across the street, Golub & Company and CIM Group are working on a massive redevelopment of the Tribune Tower, including the construction of what could be Chicago’s second-tallest building. Next door to NAR’s headquarters is the iconic Wrigley Building, an office tower that was bought by billionaire Joe Mansueto for $255 million earlier this year.
In May, NAR raised its annual dues 25 percent, from $120 to $150, as well as added an extra annual fee of $35 for the association’s advertising efforts.