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  #50001  
Old Posted Yesterday, 6:21 PM
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Tom In Chicago Tom In Chicago is online now
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Originally Posted by LouisVanDerWright View Post
Anyone know if this is the original facade on this building? I've always liked it, but if it's from the 1960s and original, it needs to be protected.
No. . . the building was renovated in the early 2000s with the new façade you see today. . .

. . .
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  #50002  
Old Posted Yesterday, 6:26 PM
marothisu marothisu is offline
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Originally Posted by Randomguy34 View Post
They have almost 7,900 employees across Illinois. A 10 story office building would be pretty cramped for even a small fraction of that number
It's like a big bank. The majority of those 7000 are probably working in actual neighborhood offices selling insurance and not back office/csuite activities.
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  #50003  
Old Posted Yesterday, 6:30 PM
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Originally Posted by left of center View Post
Wow, very interesting. Allstate moving their HQ to Chicago would be great news, especially since there has been some worry they may move out of state after selling their existing suburban campus.

I don't think the existing 29 N Wacker building would be able to fit all the office space they would need, however. If an HQ move is the end goal here, then it could be fairly likely that they demo the existing structure and build something taller in its place.
Yea... at 135k sqft the current building seems much too small. This does seem more like a redevelopment play. Does anyone know how much space they currently have leased at Merchandise Mart and 444 W Lake? The $232M they're getting for their Northbrook campus is probably enough to buy this site plus provide the equity to build a standard ~800ft office tower.

Edit: on second look, the site might be too small to support an office of that height, it's only about 1/8th of a block
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  #50004  
Old Posted Yesterday, 7:06 PM
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Last edited by west-town-brad; Yesterday at 9:53 PM.
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  #50005  
Old Posted Yesterday, 7:37 PM
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^ Very weird. That little building is only 133,000sf. Allstate has 2 million SF in Northbrook - 15x the floor area. Where is the other 95% of the company gonna go? Even if they are more efficient with layouts and a lot of positions switch to remote, this little midrise will still leave a huge number of the headquarters employees without a home.

I hate to speculate but this does seem like an opportunity for a big new highrise, given the small size of the existing building and the prime location on Wacker. It's an unusual move for Allstate to buy the building outright rather than leasing, and it would be extremely close to Union & Ogilvie for their suburban workforce to commute in to a big new HQ tower...
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  #50006  
Old Posted Yesterday, 9:12 PM
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Quote:
Originally Posted by LouisVanDerWright View Post
Allstate buys 29 N Wacker, could relocate their headquarters there:

https://www.chicagotribune.com/busin...outputType=amp

Anyone know if this is the original facade on this building? I've always liked it, but if it's from the 1960s and original, it needs to be protected.
The footprint is so tiny at that location, I highly doubt they'd be moving their headquarters there because as others have mentioned, they could only house a fraction of their workforce. 130 N. Franklin is literally right there, kiddy corner, a block away, which would make more sense for them to build anything new on. 29 N Wacker just seems like an odd purchase
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  #50007  
Old Posted Yesterday, 9:38 PM
marothisu marothisu is offline
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Originally Posted by sentinel View Post
The footprint is so tiny at that location, I highly doubt they'd be moving their headquarters there because as others have mentioned, they could only house a fraction of their workforce. 130 N. Franklin is literally right there, kiddy corner, a block away, which would make more sense for them to build anything new on. 29 N Wacker just seems like an odd purchase
Headquarters is such a broad term these days. You could have the entire CSuite there plus a few hundred people and be a HQ.

The entire 2 million sq ft and thousands of workers thing is merely one configuration of a HQ.
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  #50008  
Old Posted Yesterday, 9:52 PM
west-town-brad west-town-brad is offline
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Originally Posted by ardecila View Post
^ Very weird. That little building is only 133,000sf. Allstate has 2 million SF in Northbrook - 15x the floor area. Where is the other 95% of the company gonna go? Even if they are more efficient with layouts and a lot of positions switch to remote, this little midrise will still leave a huge number of the headquarters employees without a home.

I hate to speculate but this does seem like an opportunity for a big new highrise, given the small size of the existing building and the prime location on Wacker. It's an unusual move for Allstate to buy the building outright rather than leasing, and it would be extremely close to Union & Ogilvie for their suburban workforce to commute in to a big new HQ tower...
most employees will work from home - allstate has said as much already in public

this aligns with what many other large corporations are planning for with hybrid/flexible work for office workers... a small but very nice office just big enough for 25% of the employees to be there on any one day. 2 days in office and 3 days at home is the future and what is being demanded by talent
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  #50009  
Old Posted Yesterday, 10:36 PM
rivernorthlurker rivernorthlurker is offline
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Originally Posted by The Lurker View Post
Great news. Would love to see something built on the surrounding parking lots. Does the developer own those lots as well?
Some people here have mentioned Loyola owns the weird giant shaped parking lot there. And that they plan to expand and will be a tough sell or something along those lines.

Edit: found that post

Quote:
Originally Posted by LouisVanDerWright View Post
They will never sell, they intend to expand their downtown campus to the West into this area. They will likely retain ground and lower floors and partner with developers like they did at the Claire or with the apartment tower at Chestnut and State.
from https://www.skyscraperpage.com/forum...postcount=3299

But hey, everyone's got a price!

Edit #2:

Quote:
Originally Posted by left of center View Post
Nice!

Wasn't that building the US HQ for YMCA? The article seems to imply that it was merely a YMCA location, as opposed to their national US offices.
Wiki just says the HQ for YMCA of Metropolitan Chicago. https://en.wikipedia.org/wiki/Victor...son_House_YMCA

Last edited by rivernorthlurker; Yesterday at 10:57 PM.
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  #50010  
Old Posted Today, 5:03 AM
BruceP BruceP is offline
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Wiki just says the HQ for YMCA of Metropolitan Chicago. https://en.wikipedia.org/wiki/Victor...son_House_YMCA[/QUOTE]

The HQ for the YMCA USA is in Chicago at 101 N Wacker. Don't know if it was ever located in Lawson House. But the YMCA USA is just an umbrella organization with YMCA facilities locally owned and operated, like the YMCA of Metro Chicago.
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  #50011  
Old Posted Today, 4:18 PM
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Originally Posted by Kngkyle View Post
Yea... at 135k sqft the current building seems much too small. This does seem more like a redevelopment play. Does anyone know how much space they currently have leased at Merchandise Mart and 444 W Lake? The $232M they're getting for their Northbrook campus is probably enough to buy this site plus provide the equity to build a standard ~800ft office tower.

Edit: on second look, the site might be too small to support an office of that height, it's only about 1/8th of a block
Well, the calculus is different sometimes when you're a Fortune 500 company constructing your own building. HQ projects don't need to demand the same efficient floorplates that a developer would. A lot of the Loop's iconic office towers were built this way (Sears, Inland Steel, BCBS, Standard Oil, etc) because they didn't have to be bloated, stumpy boxes.

It is certainly a shallow site, but it has a half-block frontage on North Wacker which is the best corporate address in Chicago, and it's spitting distance to Ogilvie. 130 N Franklin could certainly support a bigger tower, but you lose the Wacker address.

I could even imagine Allstate working something out with AT&T to buy air rights over their building on Washington (since that's never going anywhere) to allow larger floorplates with a cantilever above the 20th floor or whatever. This is common in NYC now but I can't think of any similar project in Chicago.
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Last edited by ardecila; Today at 4:29 PM.
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