Allstate pronounces sale of headquarters constructing
It was first reported in October of that year that Allstate Corp was planning to sell its main building, and today Bloomberg reported that the insurance giant has reached an agreement to sell most of its headquarters to Dermody Properties for $ 232 million. The move occurs as the insurer adapts to changing workplace behavior caused by the pandemic.
Bloomberg released a statement issued by Allstate announcing the sale of its Northbrook, Illinois property, highlighting that the transaction is expected to close in the next year.
“Allstate is selling the property as employees have more choice where to work and many are choosing to work from home,” the company said in a statement. “The company plans to maintain a significant presence in the Chicago area, including its existing office space in downtown Chicago.”
Bloomberg noted that Allstate CFO Mario Rizzo, in an interview in early November, described the sale as one of several cost-saving measures being taken while the insurer battles inflation and continues on a transformation journey planned by the CEO Tom Wilson. Rizzo stated that the decision was mostly driven by employee feedback, but it would also help the company cut expenses.
Allstate first moved to Northbrook in 1967.