The National Association of Realtors (NAR) has completed renovations of its Chicago headquarters. NAR has operated its offices on Michigan Avenue since 1974.
“NAR is excited to be reestablishing our long-standing, successful relationship with the city of Chicago,” NAR CEO Bob Goldberg said in a release. “Today’s announcement is the culmination of a three-year project, but it symbolizes a century-long commitment that has served our members, staff and the community we have come to know and love so well.”
A total of 350 jobs were created from the project’s inception to completion. The renovations employed over 150 national and local businesses and added $50 million into the economies of Chicago and Illinois, according to NAR.
The trade association worked in partnership with Chicago-based real estate companies GNP Realty Partners and One Development to renovate its headquarters for the 21st century and execute its full redevelopment plan. The project includes new state-of-the-art mechanical, electrical, and plumbing systems; biometric security infrastructure; a dynamic new elevator system; a redesigned Plaza of the Americas; and a vertical expansion – the Sky Level – creating an innovative space that includes a world-class circular boardroom and sweeping views of some of Chicago’s most notable architecture.
“This project – and the investment it represents in the Chicago community – would not have been possible without the support and commitment of our 1.5 million Realtor members,” NAR President Charlie Oppler said.
Completion of the project coincides with NAR’s broader push to prop up the commercial real estate sector as it recovers from the fallout of COVID-19. Alongside ongoing work in Washington to protect the 1031 Like-Kind Exchange provision – a tool which has been critical to the industry’s growth for 100 years – its members have fought for months to oppose the federal government’s broad, nationwide eviction moratorium through a variety of legal and regulatory avenues.
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