Allstate is selling its Northbrook headquarters for $232 million to an industrial developer that plans to turn the corporate campus into one of the largest logistics facilities in the US.
Nevada-based Dermody Properties expects to spend about $500 million to develop the 232-acre site, The Chicago Tribune reports. The transaction 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 said in a Nov. 29 news release.
Our intent is to replace the existing office campus with about 3.2 million sq. ft. of logistics space,” said Dermody president Douglas Kiersey.