Allstate has hired Colliers to market the sale of an office building located at 29 N. Wacker Drive in downtown Chicago, as reported by Crain’s. The insurance company acquired the property in January 2022 for $29.7 million with plans to potentially use it as their new headquarters.
The 10-story, 133,580-square-foot building is currently being marketed by Alissa Adler and John Homsher of Colliers and is just under 60% occupied.
In addition to this purchase, Allstate also sold its Northbrook headquarters campus for $232 million in early-2022 to Dermody Properties. Despite this sale, Allstate remains committed to maintaining a presence in Chicago and their acquisition of the Wacker Drive building further solidifies that commitment.
Dermody Properties has since demolished much of the former headquarters campus and is now developing five speculative buildings totaling over one million square feet on the site. While UPSIDE Foods had previously leased space for a commercial cultivated meat processing facility on this site, those plans have been put on hold indefinitely.
This news was originally reported by Connect CRE.
