In New York and San Francisco, more than 80% of all office space is more than 30 years old. What will become of those buildings now that demand for them has faded?
Allstate Corp.’s suburban campus outside Chicago, with its interconnected buildings, manicured grounds and acres of parking, represented a new vision for the U.S. office when it opened in 1967. That vision is now dead.
The insurer reached a deal last month to sell most of the campus. The new owner plans to demolish the office buildings and convert the Northbrook, Ill., site into more than 3 million square feet of e-commerce warehouses and other logistics facilities.
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