GNP Realty Partners is excited to announce that One Development, our new development and design arm, will be working with the National Association of Realtors (NAR) in renovating NAR’s 12-story building. The $45 million vertical expansion and redevelopment will begin in fall 2018.
“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,” said ONE Development President John Gagliardo.
This renovation will preserve the 56-year-old skyscraper and keep Chicago as the headquarters for the national trade group’s 1.3 million members. By NAR choosing to stay in Chicago and the building, the city will keep 370 permanent jobs and continue to draw thousands of members and business travelers for its numerous leadership and member meetings.
“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, NAR 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.”
“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,” said Dean Kutrumanes, chief executive officer of GNP Realty Partners.
The big highlight of the renovation will the “Apple-like” rooftop conference center, inspired by the new Apple Store at 401 North Michigan. This 13th-floor addition will be a 25-seat rotunda boardroom with sweeping views of the skyline around it. ONE and NAR will also renovate all 12 floors, upgrade the building’s elevators and lobby, and modernize its infrastructure. New offices will provide more work space for future tenants and give current tenants temporary offices while ONE renovates each floor. Retail tenants, such as Ulta and Billy Goat Tavern, will remain in place. This will be the second time the Realtors Building is vertically expanded. It was 10 stories when it debuted in 1962, and two more floors were added in 1991.
“We had this unbelievable location and property, and we had to make an investment in it,” Gagliardo said. GNP Realty Partners is also a tenant in the 430 N. Michigan building. “It showcases (NAR’s) excellence as real estate leaders by investing in their own home.”