Business & Tech
Logistics Park Officially Coming To Former Allstate Campus In Glenview
Dermody Properties said Wednesday it has closed on its deal to acquire the 232-acre property for a reported $232 million.
GLENVIEW, IL — A Nevada-based logistics real estate firm announced Wednesday it has acquired the 232-acre former Allstate corporate campus, located at Sanders Road, adjacent to Interstate 294. Part of unincorporated Northbrook since 1967, the property was annexed by the Village of Glenview in June after village officials reached an agreement with the City of Prospect Heights.
Dermody Properties, headquartered in Reno, Nevada, said in a news release the site "will become a logistics-focused campus designed to serve logistics customers who value immediate access to local consumers, including the high density and affluent communities of the northern and northwest suburbs of Chicago." The campus currently includes 2 million square feet of office space.
In November 2021, Dermody purchased the majority of the campus for a reported $232 million. At the time, an Allstate spokesperson told Patch that 95 percent of its workforce, which includes 8,000 employees in Illinois, work remotely. Allstate also said it still plans to keep a significant presence in the Chicago area, including its existing office space in downtown Chicago.
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During the pandemic, the company said it has invested $14 million in equipment for employees to work from home.
According to Dermody, the Logistics Campus is a planned 10-building logistics park totaling 3,235,020 available square feet with flexibility to accommodate build-to-suits. The company said construction on five buildings, totaling 1.2 million square feet, will begin immediately, with a scheduled completion planned for the second and third quarters of 2023.
Find out what's happening in Glenviewwith free, real-time updates from Patch.
As Patch reported in June, the annexation agreement calls on Glenview to pay Prospect Heights 18 percent of the property and sales taxes collected on the development every year. The development expected to generate more than $12 million in new revenues for the two municipalities over the next 10 years.
Patch Editor Jeff Arnold contributed to this report.
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