Allstate signs deal to sell Northbrook campus for $232 million
NORTHBROOK -- The Allstate Corp. Monday said it has reached an agreement to sell property making up the majority of its campus in Northbrook to Dermody Properties for approximately $232 million. The sale is expected to close in 2022.
Allstate is selling the property as employees have more choice about where they work and many are choosing to work from home. 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 multiyear initiative to increase personal property-liability market share by building a low-cost insurer with broad distribution, the company said.
Allstate moved into the Northbrook site in 1967 and the campus now includes 2 million square feet of office space. The buildings and land are located at 2675, 2700, 2755, 2775 and 3075 Sanders Road in Northbrook.