The office and industrial real estate markets have moved in opposite directions since the COVID-19 virus arrived on U.S. shores almost three years ago. In late October, Dermody Properties broke ground on an industrial mega-development on the former corporate campus, of insurance giant Allstate.
Allstate said Monday it is selling most of its sprawling headquarters campus in Northbrook for $232 million, a deal that stems from changing work patterns and the insurance giant's desire to cut expenses. The buyer is Dermody Properties, a Reno, Nevada- based developer of warehouses. Chicago- area communities have organized to oppose new distribution sites.