by John McPhaul and T. C. Mayfield, The Chicago Times
November 30, 2021
NORTHBROOK, IL — Allstate announced Monday that it is selling its sprawling headquarters in Northbrook for $232 million to Dermody Properties, a warehouse developer based in Reno, Nevada
Dermody’s president, Douglas Kiersey Jr., stated that the site is appealing because of the site’s “location and scale.” Kiersey added that his initial plan calls for the construction of 3.2 million square feet for logistics enterprises, at a cost of more than $500 million.
According to Allstate, the transaction is slated to be completed in 2022.
“Allstate is selling the property because employees now have more flexibility in where they work, with many opting to work from home. The business intends to maintain a substantial presence in the Chicago area, including its existing downtown Chicago office space.”
According to the SEC filing, the property at 2775 Sanders Road is 232 acres with Allstate claiming to have around 2 million square feet of office space in different buildings. The property has a mailing address in Northbrook, but most of it is in unincorporated Cook County.
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