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Allstate Buys West Loop Tower for Possible Headquarters
As it prepares to sell its longtime Northbrook, IL campus, Allstate has purchased 29 N. Wacker Dr. in downtown Chicago and may turn the 133,580-square-foot office property into its new headquarters, Crain’s Chicago Business reported, citing an industry source. Allstate, headquartered in Northbrook since 1967, has other downtown offices and could consolidate those locations at the Wacker Drive property.
Crain’s reported that the glassy West Loop building is 63% leased to about a dozen small tenants, several with leases that expire by the end of 2024, according to a flyer from JLL, which marketed the property.
The purchase adds a new wrinkle to Allstate’s workspace plans after the company disclosed a blockbuster deal to sell its sprawling Northbrook headquarters campus to Dermody Properties for $232 million. At the time, Allstate said it would continue to maintain a presence in Chicago.
- ◦Sale/Acquisition
