Allstate Agrees to Sell Headquarters Campus to Dermody Properties
Allstate said Monday it had agreed to sell the property making up the majority of its campus in Northbrook, IL to logistics developer Dermody Properties for approximately $232 million. The insurer has been based at the two-million-square-foot campus since 1967.
Spurring the sale was the decision by many employees to work from home, Allstate said. The company plans to keep a significant presence in the Chicago area, including its existing office space in downtown Chicago.
The sale will also reduce real estate expenses and further advance Allstate’s multi-year Transformative Growth initiative to increase personal property-liability market share, the company said.
Douglas Kiersey Jr., Dermody’s president, told the Chicago Sun-Times his company wants the property because “its combination of location and scale is rare” in a metropolitan area. The buildings and land are located at 2675, 2700, 2755, 2775, and 3075 Sanders Rd. in Northbrook.
- ◦Sale/Acquisition
