Allstate reaches agreement to sell Northbrook campus
NORTHBROOK, Ill., Nov. 29, 2021 - The Allstate Corporation (NYSE: ALL) today announced it has reached an agreement to sell the property making up the majority of its campus in Northbrook, Illinois, 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 multi-year Transformative Growth initiative to increase personal property-liability market share by building a low-cost insurer with broad distribution.
Allstate moved into the Northbrook site in 1967 and the campus currently includes 2 million square feet of office space. The buildings and land are located at 2675, 2700, 2755, 2775, and 3075 Sanders Road, Northbrook, Illinois.
The Allstate Corporation (NYSE: ALL) protects people from life's uncertainties with a circle of protection including cars, homes, electronic devices, benefits and identity theft. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online and at the workplace. Allstate is widely known for the slogan "You're in Good Hands with Allstate."
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The Allstate Corporation published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 14:10:02 UTC.