The Allstate Corp. has acquired an office building in downtown Chicago months after agreeing to sell most of its campus in Northbrook, Illinois.
Allstate confirmed it purchased the property at 29 N. Wacker Drive in Chicago’s Loop, a 10-story office building.
“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,” an Allstate spokesperson said.
Chicago Mayor Lori E. Lightfoot praised the move on Twitter, saying she was “thrilled” Allstate is continuing to invest in Chicago.
“This news, another pro-Chicago decision, goes to show that our city continues to be the choice for companies looking to expand.”
Allstate announced in late November 2021 that it had reached an agreement to sell the majority of its Northbrook campus to Dermody Properties for approximately $232 million. Allstate said the decision to sell the property was motivated by employees’ desire to have more choice where they work.
The sale is expected to close in 2022.
Topics Mergers & Acquisitions
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