After a prolonged period of discussions and debates, the North Sydney MLC building will be reinstated on the state heritage register by the New South Wales government. This building, originally designed in 1956 by Bates, Smart and McCutcheon, holds several significant distinctions as Australia's first large-scale commercial office development, the first freestanding office building, and a pioneer of decorative curtain wall architecture. In recognition of its enduring architectural value, the building received the Award for Enduring Architecture at the Australian Institute of Architects' NSW Chapter awards in 2021.

The fate of the high-rise has been the subject of a heated conflict between those advocating for its demolition and those fighting to preserve its historical significance. The battle to safeguard the structure has been protracted, turbulent, and filled with twists and turns. Investa Property Group, the property developer, has submitted numerous proposals to demolish the building and replace it with a new high-rise commercial structure, also designed by Bates Smart.

The initial proposal for demolition emerged in 2020 when the property was only listed on the local heritage register. However, a petition was launched to save the tower from destruction, resulting in the denial of the demolition plans and the addition of the building to the state heritage register. In 2022, the dispute was reignited when the state heritage listing was overturned, leading Investa Property Group to submit a fresh development application. Nevertheless, the NSW Land and Environment Court rejected this application in May 2023, once again sparing the building from demolition.

In the latest development of this ongoing saga, the NSW Environment and Heritage Minister, Penny Sharpe, announced in December 2023 that the 14-storey tower would be reinstated on the state's heritage register. However, according to Docomomo, the battle may not be entirely resolved. The proximity of the new Victoria Cross Metro Station to the MLC building raises concerns as the NSW government intends to rezone land within 1.2 kilometers of metro stations to address housing supply needs. This rezoning may have the effect of weakening heritage protections in the area.