Dermody Properties buys office campus for $232m

Dermody Properties has agreed to buy insurance company Allstate Corp.’s headquarters in Northbrook, Ill., north of Chicago, for $232 million. The sale is expected to close in 2022.

Allstate moved into the Northbrook site in 1967 and the campus currently includes 2 million square feet of office space on 186 acres.

Allstate is selling the property as employees have more choice about where they work and many are choosing to work from home. The company plans to keep a significant presence in the Chicago area, including its existing office space in downtown Chicago.

The sale also will reduce real estate expenses and further advance Allstate’s multi-year Transformative Growth initiative to increase personal property-liability market share by building a low-cost insurer with broad distribution.