The Allstate Corporation (NYSE: ALL) today announced it has reached an agreement to sell the property making up the majority of its campus in Northbrook, Illinois, to Dermody Properties for approximately $232 million. The sale 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 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
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