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Allstate Campus Poised to Trade for Industrial Redevelopment
Dermody Properties is negotiating a contract to buy the 186-acre Allstate headquarters campus in Northbrook, IL, Crain’s Chicago Business reported. Although the purchase price is unclear, sources said Dermody is poised to pay more than $200 million for the land.
Allstate disclosed last month that it plans to sell the property at 2775 Sanders Rd., its home since 1967, as it adapts to the rise of remote work brought on by the COVID-19 pandemic. However, the company said it would maintain a “significant presence in the Chicago area.”
A sale at more than $25 per square foot for the property would be a high price for the land but could be in line with what buyers have been willing to pay for other large warehouse development sites in the Chicago area, Crain’s reported. Yet, redeveloping the Allstate property with warehouses could come with hurdles, most notably winning community support.
- ◦Sale/Acquisition
