The majority of the sprawling campus along I-294 in an unincorporated area of the northern suburb was sold to Dermody Properties, a Nevada-based industrial developer specializing in e-commerce and logistics sites. The deal is expected to close next year.
"Allstate is selling the property because employees now have more flexibility in where they work, and many are choosing to work from home," the company said in a news release.
Dermody did not respond to a request for comment on Monday.
Allstate has been a corporate fixture in Northbrook since 1967, when it relocated its headquarters from Skokie to a six-building complex on a 122-acre campus.
The company stated that it intends to maintain a "significant presence" in the Chicago area, including its existing River Point and Merchandise Mart offices.
Dermody will receive 232 acres in unincorporated Cook County, as well as the original headquarters and adjacent property acquired by Allstate.
Northbrook will remain Allstate's corporate headquarters "for the time being," with the company "moving out gradually over the coming months," according to an email from the company.
The sale of Allstate's headquarters comes as more major employers delay returning to the office until 2022 in the face of the ongoing pandemic, with many opting for a hybrid approach that includes work-from-home as a long-term option. Allstate stated in its 2020 annual report that 95 percent of its employees worked remotely "while maintaining internal controls and productivity" throughout the year.
Aside from real estate, the company is also divesting itself of its life insurance and annuity businesses in order to focus on auto and homeowners insurance. Allstate's life insurance sales have been declining since 2018, and annuity sales were discontinued in 2014
Allstate agreed to buy SafeAuto, a low-cost auto insurance provider, for $300 million in June, expanding its state-minimum auto coverage offerings.
Allstate, which began as a division of Sears in 1931, is now one of the nation's largest publicly traded personal insurers.
According to its website, Allstate employed 7,892 people in Illinois and over 44,000 people nationwide as of October.