The American Library Association sold its headquarters on Huron Street in Chicago’s River North neighborhood and plans to move into a new office at Michigan Plaza. The two connected buildings at 50 E. Huron and 40 E. Huron have been ALA’s home for several decades and have become a landmark in the library world, according to Executive Director Mary Ghikas. The relocation to 225 N. Michigan Ave. is planned for spring 2020, when the new office buildout will finalize.
The six-story building at 50 E. Huron was the first one to function as ALA’s headquarters since its completion in 1963. In 1981, the association expanded on the adjacent parking lot, in a new development known as 40 E. Huron. According to Yardi Matrix data, the development encompasses 25,000 square feet.
ALA appointed Cushman & Wakefield in February 2018 to sell the asset assist in optimizing the value of the association’s headquarters and sell the asset. Frank Franzese led the team which also included Steven Bauer, Aaron Schuster, Michael McDermott, Dirk Riekse, Brian Chernett, Kathleen Nelson and I-Lee Hwa.
At the new location, ALA will join tenants such as Argosy University, CannonDesign and American Cancer Society. Loeb Partners Realty has been owning the 25-story, LEED-Gold Certified Michigan Plaza since 2005, having completely renovated it in 2012, Yardi Matrix data shows. The company also owns the 25-story tower at 498 7th Ave. in Midtown Manhattan.