NAR CEO Bob Goldberg and the Realtor Building at 430 North Michigan Avenue (Credit: NAR)
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.
Source: The Real Deal Los Angeles