Allstate has hired Colliers to sell an office building the company purchased in 2022, located at 29 N. Wacker Drive, reported Crain’s. The insurance firm had purchased the property nearly two years ago with potential plans for the site to become a new headquarters for the company.
The 10-story, 133,580-square-foot office building was bought by an Allstate venture in January 2022 for $29.7 million, according to the outlet. Colliers’ Alissa Adler and John Homsher are marketing the property, which is currently just shy of 60 percent occupied.
Allstate also sold its sprawling 232-acre Northbrook headquarters campus to Dermody Properties for $232 million in 2022. At the time, Allstate said it would continue to maintain a presence in Chicago. The purchase of the Wacker Drive building was seen as a nod to that commitment.
As for the firm’s former headquarters campus, Dermody Properties razed much of the office space to make way for five speculative buildings totaling 1.2 million square feet. UPSIDE Foods had leased 187,000 square feet for a commercial cultivated meat processing facility, but those plans were recently paused.
