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Chicago & Midwest  + Greater Chicagoland  + Office  | 

Allstate Agrees to Sell Headquarters Campus to Dermody Properties

Allstate said Monday it had agreed to sell the property making up the majority of its campus in Northbrook, IL to logistics developer Dermody Properties for approximately $232 million. The insurer has been based at the two-million-square-foot campus since 1967. 

Spurring the sale was the decision by many employees to work from home, Allstate said. 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, the company said. 

Douglas Kiersey Jr., Dermody’s president, told the Chicago Sun-Times his company wants the property because “its combination of location and scale is rare” in a metropolitan area. The buildings and land are located at 2675, 2700, 2755, 2775, and 3075 Sanders Rd. in Northbrook. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition