The American Library Association has sold its Chicago headquarters and plans to move to new offices in the city by early next year.

ALA has occupied the six-story office building at 50 E. Huron in Chicago's River North neighborhood since 1963. The association opened a connected building at 40 E. Huron in 1981. The group plans to relocate to Michigan Plaza at 225 N. Michigan Ave. by spring 2020. ALA's future home also houses the offices of the Alzheimer's Association and Blue Cross Blue Shield Association.

"We are thrilled that, after many years of study, research, and discussion, the transfer of a valuable real estate to ALA's endowment fund is at last complete," ALA President Wanda Brown said in a statement. "Of course, it is bittersweet to be leaving our home of so many decades. But ALA is focused on the future and is optimistic about all that it holds."

ALA did not disclose the buyer of the property nor the terms of the deal.

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