New Listing: American Library Association Places Headquarter Buildings on Market

From ALA:

Today American Library Association (ALA) announced its plan to explore Chicago’s commercial real estate market with the listing of its headquarter buildings at 40 and 50 East Huron. Efforts to examine the value of its headquarters are fueled by its goals to enhance operational excellence; grow membership; and acquire a workplace environment that supports the development of innovative programs and services for its members.
“The ALA Executive Board and staff are committed to the mission of ALA and its long-term ability to support its members as they serve their libraries and communities,” said ALA President Loida Garcia Febo. “ALA headquarters are an important part of our history and have served members and staff well. But, just as our communities, our libraries, our work lives have changed, so have the needs of the Association—including those of our workplace.”
For more than a year ALA’s Executive Board and ALA Management have engaged in a review of how to strategically utilize ALA headquarters real estate and recently began to work with real estate expert Cushman & Wakefield (C&W).
Since February of 2018, ALA has worked with C&W to examine what works, what doesn’t work, and what features might be required to create an improved work environment. Conversations and onsite surveys resulted in a Workplace Assessment and Scenario Analysis. In addition to significant financial analysis, C&W’s study found:

• The current headquarters configuration – on multiple floors in two buildings – makes collaboration difficult and potentially stymies innovation;
• Moving to a more efficient workspace would reduce occupancy costs – cost savings that could then be used to support mission-forward Association functions; and
• ALA Headquarters has been and could again be a considerable source of pride for both staff and members — but in its current condition falls short.

 
Read the Complete ALA Announcement
See Also: 40 & 50 East Huron, Chicago via Google Street View
See Also: ALA Hires Cushman & Wakefield as Strategic Real Estate Advisor to “Optimize the Value” of HQ Location (40-50 East Huron)  in Chicago (February 2018)

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