Allstate Sells Northbrook Headquarters For $232M

Northbrook IL

29 November, 2021

11:57 AM

Description

NORTHBROOK, IL — The Allstate Corporation believes its current property in Northbrook will be in good hands when a sale is completed next year. Dermody Properties, a Nevada-based warehouse developer, bought the majority of the campus on Sanders Road for $232 million, according to a Monday news release from Allstate. Allstate moved into the Northbrook site in 1967 and the campus currently includes 2 million square feet of office space. RELATED: Allstate Selling Headquarters After 54 Years In Northbrook Allstate said last month it 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, according to the news release. Spokesperson Mallory Vasquez told Patch last month 95 percent of AllState's workforce is currently working remotely. The company has invested $14 million in equipment for employees to work from home. Allstate employs nearly 8,000 employees in Illinois, according to its website. Allstaet said the sale will also reduce real estate expenses and further advance the company's multi-year Transformative Growth initiative to increase personal property-liability market share by building a low-cost insurer with broad distribution. Stay Patched In! Check out the Events Calendar for what's going on in NorthbrookGet Patch real-time email alerts for the latest Northbrook newsLike Northbrook Patch on FacebookPatch Mobile: Get app for iPhone and Android