Allstate venture bought in January 2022 for $29.7 million, according to Cook County property records. People familiar with the offering said they expect bids to come in at just more than $10 million. Allstate has not occupied the Wacker Drive property, which is leased today to a mix of small tenants that collectively occupy about 57% of the building, according to a marketing flyer. It's unclear what prompted the company to seek a buyer for the building, and an Allstate spokeswoman did not respond to a request for comment.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Hmm, covid was wrapping up when Allstate bought the building. Next thing you know they’ll be raising premiums to pay for bad investment decisions. We’re in bad hands with Allstate.
THINK YOU MAY BE CORRECT……..PREMIUMS ARE INSANE
Believe, every Loop building sale in last 12 months has been at materially lower prices than acquisition costs. Not good for people working or living in those buildings, equity investors, lenders, or government reliant on property tax receipts. Same in NYC, SF and similar venues. For anyone who remembers 2008, probably a good time to think about what may come next.
There are likely many corporations threatening to leave the state, waiting to see what they can squeeze out of Pritzker. He is loathe to admit any kind of defeat and will gladly use all tools available in the form of tax incentives to get large corporate entities to stay. They’ll play him like a fiddle.
Goodbye Allstate, as it moves to a lower state, more stable state…How long before they announce their relocation?
Pritzker and his gang in Springfield better hope State Farm doesn’t decide to leave Bloomington
State Farm has been unloading Bloomington property for years and there are rumors of them shopping their south campus for buyers. State Farm has expanded massively in AZ, TX and GA. IL RE taxes are the well documented issue. My estimate would be HQ moves to Tx within the decade. Just like most of this State, the area has turned Blue and taxes only go one direction with no consideration for the business community.
Bloomington has a hard time attracting top tier talent too. Much easier to attract talent to smaller cities in other states than IL.
As someone who went to ISU years ago, you are spot – on. There is nothing remotely attractive about the area… it’s strictly “Dullsville”, like the rest of downstate IL. And Bloomington – Normal is one of the very few downstate places that is *not* a declining Rust Belt rural ghetto, which doesn’t say much good about the rest of the state – the “bar” is set very, very *low*…
B/N is a mostly white collar town with the Universities, State Farm and Country Financial. Very nice, safe and stable place to raise a family, Peoria and Decauter (Also along the 74 corridor) are blue collar economies with Cat and ADM as the base. Drive through any of the latter and you can feel the rust belt and destruction of the middle class. The motto of SF was a job for life with a well managed pension for your retirement. Now, you can start in BN but to move up the chain, you are looking at TX in your future.
Exactly, Fight Harder… another interesting thing that is that B/N – McLean County are trending blue(er). 50 years ago the place was famously rock – ribbed GOP conservative (in the mid – 70’s the place still felt almost like 1955 culturally)… but that has been changing: https://en.wikipedia.org/wiki/McLean_County,_Illinois “Like most of central Illinois, McLean County is historically Republican-leaning. The only Democrats to gain an absolute majority of the county’s vote since the Civil War have been Franklin D. Roosevelt in 1932 and 1936, Lyndon Johnson by a mere 1.2% in 1964, and Joe Biden in 2020. Illinois resident Barack Obama in… Read more »
Sad part is the destruction of central Illinois is slow and with the onslaught of left-wing propaganda most of the residents cant see the underlying cause. The symptoms are obvious: vacant stores. underemployment, increased taxes etc, but with Gov subsidized companies like Rivian coming in, there remains glitters of hope. For the foreseeable future, the vine is dead until the political environment changes.
The vote Democrat because they hate you, Deplorable. The Democrat Party’s rhetoric is becoming increasingly unhinged, and is reminiscent of Radio Rwanda. No one wants to believe this but listen to liberals talk about conservatives, and you’ll quickly realize they want an American Pol Pot to come along and exterminate you. Trust me, they wouldn’t lift a finger to stop the slaughter, and many of them would willingly participate. Your liberal wine aunt with two abortions would phone you in to the authroities in a heartbeat and then loot your belongings the moment you disappeared into the re-education camp.
I forgot about the south campus, thanks.