The iconic National Association of Realtors (NAR) building on North Michigan Avenue is undergoing a $45 million reinvestment and development led by ONE Development, an expansion brand of GNP Realty Partners, that will preserve the 56-year-old skyscraper and keep Chicago as the headquarters for the national trade group’s 1.3 million members.
ONE and NAR plan a vertical expansion, building an “Apple-like” conference center on the roof with cityscape views that will complement North Michigan Avenue, the new Apple Store on the east side of Michigan Avenue and the Chicago River. The project also calls for installing advanced building technologies, all-new elevators, common and tenant interiors and mechanical, electrical and plumbing infrastructure.
As recently as five years ago, NAR, in conjunction with other partners, was planning to move ahead with a plan to replace the headquarters with a mixed-use development. NAR’s decision to stay in Chicago and in the building means the city retains 370 permanent jobs and secures Chicago as a home to numerous leadership and member meetings, which bring thousands of members and business travelers to the headquarters.
“Chicago is a vibrant city with 38,000 Realtors locally and the building has been the proud home of the National Association of Realtors for nearly 40 years,” said Bob Goldberg, the association’s chief executive officer. “We are thrilled this plan has come together for us to be even better equipped to serve our members and to keep calling Chicago home for 40 more years. We thank ONE Development for spearheading this effort.”
John Gagliardo, president of ONE Development, said work will begin by fall 2018 and create 350 construction jobs. The additional space from the vertical expansion will also provide the potential for new job growth.
“This is a project and location that most developers dream about. When we’re done, 430 N. Michigan will be a world class asset and headquarters befitting the Realtors” Gagliardo said. “We are developing all-new infrastructure, state-of-the art amenities, modern interiors and an impressive vertical expansion to serve NAR members and other companies looking to hold special events.”
“I want to thank Mayor Emanuel’s administration and Ald. Brendan Reilly for all of their hard work and support to make this announcement possible,” saidDean Kutrumanes, chief executive officer of GNP Realty Partners.
The roof meeting space will be the second time 430 has been vertically expanded. When first completed in 1962, the building was ten stories. Two more floors were added in 1991.
In addition to being the decades-long home of NAR, 430 North Michigan was the fictional home of Dr. Bob Hartley’s psychology practice on the “Bob Newhart Show.” Each episode of his 1970s classic TV series featured him walking into the Realtors building to work. The building has also been the backdrop for scenes on “Chicago Fire” and “Chicago P.D.” The subterranean level of the building at Lower Michigan and Lower Hubbard is the home of another Chicago icon, the Billy Goat Tavern.