Allstate Insurance Bloomington Il – Caterpillar’s global headquarters in Deerfield on June 14, 2022. Caterpillar announced it is moving its headquarters to Irving, Texas, in 2022. Brian Cassella, Chicago Tribune
CHICAGO — When Allstate sold its Northbrook campus in October, the iconic corporate landmark located along the Tri-State Tollway, the big deal won’t go to the popular West Loop, the Sun Belt or a special location.
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Instead, Allstate packed up its rooms, put up giant billboards and moved to an unnamed office it still owns across the street, downgrading its global headquarters — at least temporarily — to low ground, no marks on the first and second floors.
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At first glance, it may be your dentist office, not the fourth largest insurance company in the US. Welcome to headquarters, circa 2023.
Once the basis for the bragging rights of the city and the prediction of the economic impact of the game changer, the big companies lost some of their charm in the new century, a trend that has intensified during this epidemic. As hybrid working becomes the norm and office space increases, companies are rethinking where their headquarters should be.
Foreclosure of the building, built in 1987, owned by Allstate on December 20, 2022, in Glenview. Allstate owns about 15% of the building, leasing the rest. Stacey Wescott, Chicago Tribune
The Chicago area saw the departure of headquarters in 2022, including the investment company Citadel, which moved to Miami and the billionaire founder, Ken Griffin; Caterpillar, which moved from north of Deerfield to Irving, Texas; and the Boeing giant, which moved to Arlington, Virginia, after more than 20 years in the West Loop.
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The latest high-profile departure was announced in November, when auto parts maker Tenneco said it was moving its headquarters to Michigan.
“It’s not that big of a deal,” said David Collis, a professor at Harvard Business School and an expert on corporate strategy. “Companies have become less important than they were 20 years ago.”
The traditional corporate headquarters — a place of work that includes management, employees, equipment and a physical place to conduct business — has evolved over the years, Collis said. In the 1950s, headquarters were often located in large buildings in rural areas. The industrial park grew out of the suburbs in the 1960s, offering shorter commutes, better parking, and more room to grow.
In the new millennium, the pendulum swung back to cities as companies sought to attract young, skilled urban workers, Collis said.
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Symbolic of the city’s transformation is the 2018 move of Hamburger giant McDonald’s, which left its longtime suburban campus in Oak Brook for a nine-story headquarters in Chicago’s West Loop. McDonald’s brought 2,000 workers from rural areas to the new stadium.
In a September speech at the Economic Club of Chicago, McDonald’s CEO Chris Kempczinski raised concerns about crime in Chicago and the loss of some key companies.
That same month, McDonald’s reiterated its commitment to the city, announcing it would merge its Romeoville innovation lab with its West Loop headquarters in 2023, moving 120 more jobs downtown.
McDonald’s uses most of the building at 110 N. Carpenter St., but it may be a popular move away from the company’s headquarters, Collis said.
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“The days of the 3,000-person headquarters, whether it’s on campus or even in the suburbs, are gone,” Collis said. “Staying from home and COVID makes it worse.”
The pandemic-related hybrid vacancy has left Chicago’s office space at a record high, and companies continue to shed space as long-term leases come up for renewal. For the third quarter, the vacancy rate in the central business district reached 19.6%, while metro Chicago rose to 21.8%, according to the Newmark report.
Allstate has given its 5,400 employees in the Chicago area the option to choose where they want to work, with 83% choosing to telecommute, the company said. That turned his large suburban park into a ghost town, prompting the decision to sell it, Wilson said.
“The facility is a mile long and a half mile wide and 2 million square feet, and we don’t have anyone in it,” Wilson said. “We’re hot and we’re asking for it. I think we’re going to pull this off.”
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While the headquarters are smaller, Collis said the move still has side effects, including the loss of local grants and subsidies, such as local naming rights. The exit also hits the city’s tax pocket, he said.
Griffin, who grew Citadel into one of the world’s largest hedge funds, gave more than $600 million to Chicago organizations during his three decades in Chicago, including more than $130 million in charitable contributions to 40 organizations. in June.
Meanwhile, Citadel executives and employees have brought in billions of dollars in taxes for the city and state over the past decade, according to the company, and the money is going south.
The Chicago area is home to 32 Fortune 500 companies, according to World Business Chicago, the city’s economic development arm. Its ranks were reduced by three this year as Boeing, Caterpillar and Tenneco left other states.
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When Boeing chose Chicago for its headquarters in 2001, it was seen as a major victory for the city, which beat out Denver and Dallas in fierce competition. Although it brought only 500 jobs to the city, Boeing was expected to generate $ 4.5 billion in local economic value in twenty years. In return, the city and state gave Boeing $62 million in grants and tax breaks over 20 years.
Boeing’s decision to leave in 2022 may not have a major economic impact, however, partly because the company said that more than 400 workers will remain in Chicago.
The city did not comment on the company’s departure last year for this story. Instead, he said that the arrival of three foreign technology companies is waiting – Inarix and Carbon Saver of Paris, and Shanti of Mexico City – planning to set up the first US headquarters in Chicago by 2023. city said.
“The presence of headquarters in the Chicagoland area brings significant economic benefits to the city,” Michael Fassnacht, president and CEO of World Business Chicago, said in a statement. “These headquarters not only provide residents with employment opportunities, but they also serve as evidence of Chicago’s position as a leader in the world of global business.”
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The city also joined Allstate, the fourth-largest Fortune 500 company in Chicago, in moving its headquarters downtown, but the insurance giant is not rushing to find a new home.
Founded in 1931 as a division of Sears, Allstate has been a Northbrook-based company since 1967, when it moved its Skokie headquarters to a six-story campus on Sanders Road near I-294.
In October, Allstate sold 232 acres of its corporate headquarters for $232 million to Dermody Properties. The Nevada developer is turning the property, which Glenview recently acquired, into a 10-unit, 3.2 million-square-foot logistics park.
Allstate retained 50 acres, including the office building at 3100 Sanders Road, which has become its corporate address and, now, its headquarters.
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In addition to the downtown building, Allstate leases 42,000 square feet of office space in Chicago at River Point, at 444 W. Lake St., where hundreds of people manage the company’s $61 billion investment portfolio. The company also leases 120,000 square feet on the fourth floor at the Merchandise Mart, where Allstate CEO Wilson works.
The company purchased the 10-story building at 29 N. Wacker Drive in January 2022 for $29.7 million, according to CoStar, but Wilson said it is often rented out and unlikely to serve as a headquarters. new job.
“When the time comes, we’ll figure out what we want the headquarters to look like and where it should be,” Wilson said. “But now we’re working very well with a small company.”
Built in 1987, the five-story curved glass tower features a large, tree-lined urban area centered around a pool, large parking garage, and a large west-facing garden. Sanders Street.
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The 370,000-square-foot building was once home to Allstate’s life insurance business, which the company sold for $2.8 billion to private equity firm Blackstone in November 2021.
Decommissioned and renovated in 2017, Allstate has leased most of the building to other tenants, reserving 50,000 square feet for its own use.
There is a sign for Old World Industries, an auto company and one of the building’s largest occupants, on one of the four wings, but no sign that Allstate owns or occupies the building. The insurance company plans to change that.
“We haven’t gone through the permitting process yet in our new community, which is Glenview,” said Michael Thomas, vice president of real estate for Allstate. “As you walk down Sanders Street, you’ll see our sign there. “
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“Welcome to our new way of working,” reads a sign in the window of a ground-floor office in the airspace. Allstate’s “Good Hand” has expanded
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