Allstate bought a 10-story office building at 29 N. Wacker Drive in Chicago’s Loop in January 2022 with “possible plans to make it its corporate headquarters,” according to the Chicago Sun-Times. It paid $29.7 million to Sun Life Assurance of Canada, per property records.
The building has about 133,000 rentable square feet, Sun-Times reported. It was a possible replacement for Allstate’s Northbrook headquarters.
Allstate never occupied the property, according to The Real Deal. In February 2024, the insurer hired the brokerage Colliers to sell it. No asking price was revealed, but sources expected offers to hover above $10 million, The Real Deal reported.
The building was 57% leased at the time, with three full floors, about 43,000 square feet, available. The listing also mentioned a possible rooftop amenity deck.
The sale price came in at $11 million, per CoStar data cited by the Sun-Times. That is $18.7 million less than Allstate paid. The buyer was Sanjay Gandhi, described as a Chicago real estate investor and physician.
Allstate confirmed the sale in a statement on Sept. 6, 2024. “We no longer need this space alongside our existing Chicago pods,” the company said. It added that it had bought the building to keep options open during the less certain post-pandemic period.
For context, Sun Life paid $13.4 million for the building in 2010, the Sun-Times reported. Property records show the $11 million price is the lowest the building has sold for since 2001.
Chicago’s office market was under pressure. Colliers put available office space citywide at a record 23.3% in the most recent quarter, up from 22% a year earlier, per the Sun-Times.
Allstate still leases space at 444 W. Lake St. and the Merchandise Mart. The Real Deal reported that it later moved its headquarters to part of a Northbrook building.
Other big buildings have had steep price drops too. The $2.4 billion Revel Casino in Atlantic City sold for only $82 million.
Related: Pontiac, Michigan built the Silverdome for $55.7 million in 1975; in 2009 the stadium sold at auction for $583,000
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