March 25--CNA Financial has sold its red Loop headquarters at 333 S. Wabash Ave. for $108 million in preparation for its move to its new home office nearby.
The company, which sells property and casualty insurance to businesses, will move into its new CNA Center at 151 N. Franklin St. in summer 2018. The official groundbreaking on the project, in which CNA will be the anchor tenant, is April 7, CNA said.
"CNA remains committed to a Chicago headquarters for the 2,000 employees working in the headquarters," CNA spokeswoman Sarah Pang said Friday. "The new location enables us to build out modern office space in a location that provides an easier commute for more than 80 percent of CNA employees working in the Chicago headquarters."
The planned sale was announced in December when CNA's new headquarters plans were announced. The buyer is John Buck Co., which is developing CNA's new headquarters.
Also as previously reported, CNA will lease its space in 333 S. Wabash until its new headquarters is finished.
Dino Robusto, a veteran of Chubb, will join CNA as chairman and chief executive on Dec. 1. He replaces retiring Thomas Motamed.
Crain's Chicago Business first reported the sale.
byerak@tribpub.com
