Holcim Leases Space in Downtown Chicago for Planned US Spinoff
(Bloomberg) — Swiss cement company Holcim Ltd. said it will relocate its planned North American spinoff to downtown Chicago.
The new company, which will be called Amrize once the spinoff is complete, has leased 35,000 square feet (3,250 square meters) at 222 S. Riverside in Chicago’s West Loop neighborhood, the company said Tuesday. It plans to move into the new space in the first half of 2026.
Holcim’s existing offices are at 8700 W. Bryn Mawr Ave., near O’Hare International Airport. The new location will be considered Amrize’s operational headquarters, but the company will keep its legal headquarters in Zug, Switzerland, where Holcim is based. Amrize is investing about $19 million in its Chicago operations.
“Chicago is the natural choice for the planned operational headquarters of Amrize, and our new office in the heart of the city will be the ideal location for our teams to help lead the next era of building in North America,” the company said in a statement to Bloomberg News. “We are excited to contribute to Chicago’s strong business community and renowned legacy of architectural and building innovation.”
Holcim shareholders are set to vote on the spinoff later this month. If approved, Amize will then be listed on the New York Stock Exchange in June. Holcim’s North American business generated $11.7 billion in revenue last year.
The lease is the latest sign of life in downtown Chicago, which has been slow to recover from the pandemic and the shift to remote work. Google is currently renovating a former state government office center into its new offices, and JPMorgan Chase & Co. is completing a renovation of its existing tower in Chicago. The New York-based bank has mandated workers back to the office five days a week, a likely boost for foot traffic in the heart of the Loop, as Chicago’s downtown is known.
Owned by a real estate investment trust associated with Deutsche Bank AG, 222 S. Riverside was built in 1971 and is connected to the city’s Union Station. The 35-floor, 1.2 million-square-foot property is managed by Jones Lang LaSalle, which represented the owner in the transaction. Newmark represented Holcim.
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