Allstate agrees to sell part of campus to industrial developer for $232 million
The Allstate Corporation on Monday announced that it has reached an agreement to sell the majority of its campus in Northfield Township near Northbrook.
The agreement with Dermody Properties would be for about $232 million and would close in 2022, according to a company news release.
Dermody, whose headquarters are in Reno, Nevada, with a Midwest office in Rosemont, describes itself as a company that acquires, develops, manages and invests in industrial, logistics and e-commerce properties.
Allstate announced in October it would be selling its campus because many employees "are choosing to work from home," spokeswoman Tammy Kotula said at that time.
The company does plan to keep a significant presence in the Chicago area, Monday's release said, including office space in Chicago.
Crain's Chicago Business reported earlier this month that Dermody was in negotiations with Allstate to purchase the property.
The sale also will reduce Allstate's real estate expenses and advance the company's Transformative Growth initiative to increase personal property-liability market share, the release stated.
Allstate, 3075 Sanders Road, moved into its campus in 1967. The site includes 2 million square feet of office space over 186 acres.
Allstate paid nearly $700,000 to various Cook County taxing districts in 2020, including more than $266,000 to West Northfield School District 31 and nearly $208,000 to Glenbrook High Schools District 225, according to the office of the Cook County treasurer.