Allstate to sell Northbrook site to warehouse builder
The deal for
But the sale could lead to a land-use fight in the northern suburbs. The buyer is
The sale agreement, filed with the
He said the development will draw e-commerce providers eager to deliver merchandise quickly. "They want to compete on customer service levels," Kiersey said.
Allstate said in a news release that 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
The company also said the sale will reduce its real estate expenses and help it transform into "a low-cost insurer with broad distribution."
The
Dermody's acquisition includes 30 acres in
Kiersey said his company will discuss annexation with any of the suburbs. He said he hasn't decided about tax incentives but those may be needed to offset higher costs of doing business in
The talks could put the towns in competition with each other for tax revenue from the project.
Kiersey said the site, between
Saying that Allstate used to have 13,000 workers on the property and that the roads already have been designed for heavy volume, Kiersey said, "Our traffic count will be lower than what was there before," he said.
Home and auto insurers, flush with premium income, used to like real estate as an investment and favored large offices. But Allstate has been pressured by low-cost operators, making its landscaped campus a luxury.
With the onset of the pandemic, Allstate reported that 95% of its employees are working from home anyway.
Allstate did not immediately specify what portion of its site would be excluded from the sale. The company moved to
Officials in
Kiersey said Dermody operates in 15 major markets. The privately owned firm has developed or acquired 100 million square feet of logistics and industrial properties and values it holdings at more than
Patent Application Titled “Comprehensive Digital Healthcare Platform” Published Online (USPTO 20210350913): Comprehensive Healthcare Technology LLC
Nevada Jury Finds UnitedHealthcare and Affiliates Guilty of Oppression, Fraud and Malice in its Conduct against Frontline Healthcare Heroes
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News