Allstate insurance company purchases potential new Chicago headquarters

Insurance company - making a purchase - deal

The insurer announced that it has purchased the building at 29 N. Wacker, where it might place its HQ.

The Allstate insurance company has announced that it is acquiring an office building in the Loop in Chicago. This new location has the potential to serve as the national insurer’s new headquarters following the sale of its former HQ at the Northbrook campus.

The announcement has been made under two months from that announcing the sale in Northbrook.

The insurance company bought the 29 N. Wacker Drive 10-storey building for an undisclosed price. The initial announcement of the acquisition was made earlier this week.

“We are in discussions with the City of Chicago about potential uses for the building, which could become an investment property, a space to consolidate our existing downtown offices or our new headquarters,” said a statement from Allstate.

The West Loop building was built in 1961. It is the “jewel box” 134,000-square-foot building. It was marketed by JLL and is currently 63 percent least, according to the listing posted for the building online. A spokesperson from JLL couldn’t be immediately reached for comment on the insurer’s purchase of the building.

Insurance company - City of Chicago

Currently, the Allstate insurance company is leasing a River Point office space in Chicago.

Allstate’s current headquarters is a Chicago lease in River Point located at 444 W. Lake St., and the Merchandise Mart.

Last November, the insurer agreed to sell its long time Northbrook headquarters for $232 million to an industrial developer. That company intends to convert the corporate campus into a huge logistics facility. The insurer announced that it had sold the campus property because it no longer suited its needs as most of its employees are still working remotely after having started doing so during the pandemic.

The insurance company sold its old headquarters to Dermody Properties, an industrial developer from Nevada. That company specializes in e-commerce and logistics sites and comprises the majority of the massive campus property located along I-294 in an unincorporated area. That property sale is expected to close before the end of 2022. Dermody will be investing more than $500 million into the campus’ redevelopment as a logistics and fulfillment operation.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.