Went to a neighborhood ( Huntley, Il. ) barbecue this weekend and the conversation turned to Allstate demolishing the Home Office complex on 294 in Northbrook, then selling the prime location for development. Not a shock to hear all things considered but surprised it was already out there. Seems like not that long ago we ( Allstate ) bought the Anderson consulting building on the north end of the HO complex.
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Good! Happy to see the HO comfort challenged. I’m now a stockholder. Trim the HO employee “comfort” excess and real estate. It’s all about the stock price for me now. HO employees had their fun long enough. Field let go at HO expense. Time for them to go.
"There were massive layoffs there yesterday." Really? I haven't heard of any.
“Seems like not that long ago we ( Allstate ) bought the Anderson consulting building on the north end of the HO complex.”
That was 20 years ago.
Anderson plaza / willow plaza has been sold sometime ago
That's been a rumor for many years now. Doubt it happens.
I am wondering when the HO will move to India. I also wonder if they will move the Allstate Sugar Bowl to India. They used to talk about making Allstate a great American company. Now it seems they want to make it a great Indian company.
Never understood why your HQ is located in the most expensive location Chicago of all places for taxes know it's historical but damn just move it to Texas no brainer like every other company is doing right now
Allstate's and business commercial real estate sales in general have been far below expectations. With the pandemic and work from home becoming more permanent way of life even post pandemic many many companies were trying to sell their offices and buildings all at the same general time. This overflooded the commercial real estate market and in some cases companies were forced to accept pennies on the dollar or not sell the property at all. As was the case in this particular example many companies were also pushed to demolish the buildings themselves and just sell the land itself. Less money for just the land and the cost of the demolition work incurred. Transformative Growth has a lot of commercial real estate sales profits built in as the reality of the pandemic came to light.
As a result what does this loss of expected monies from the lower rate of commercial real estate sales mean for future "cost cutting" plans. I think many of us will find out later this year. The push to India has only increased and become more of a priority after this.
Makes sense. There were massive layoffs there yesterday. It will continue throughout the company through October.