(Bloomberg) -- Allstate Corp. reached an agreement to sell the majority of its headquarters campus for $232 million to Dermody Properties as the insurer adjusts to shifting workplace behavior brought on by the pandemic.
The company announced the agreement in a statement Monday, after disclosing plans to sell the Northbrook, Illinois, property last month. The deal is set to be completed next year, according to the statement.
“Allstate is selling the property as employees have more choice about where they work and many are choosing to work from home,” the insurer said in the statement. “The company plans to keep a significant presence in the Chicago area, including its existing office space in downtown Chicago.”
In an interview earlier this month, Allstate Chief Financial Officer Mario Rizzo described the sale as one of a number of cost-saving moves taken as the company wrestles with inflation and continues to embark on a transformation engineered by Chief Executive Officer Tom Wilson.
Rizzo emphasized that the decision was motivated in large part by employee feedback, but he acknowledged that it would also help the company trim expenses.
Allstate moved into the location in 1967.
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