Swiss Cement Firm Holcim Leases Chicago Headquarters

An international firm is making a big bet on Chicago’s West Loop.

Swiss cement giant Holcim is relocating its planned North American spinoff to downtown Chicago ahead of its public debut, Bloomberg reported.

Amrize, the name of its forthcoming U.S. spinoff, has leased 35,000 square feet at DWS Group’s 222 South Riverside Plaza, a 35-story office tower connected to Union Station. Amrize is expected to move into the space, which will be its operational headquarters, in the first half of 2026.

Holcim said it plans to invest roughly $19 million into Chicago operations.

The company called Chicago the “natural choice” for Amrize’s headquarters, citing the city’s “strong business community and renowned legacy of architectural and building innovation.”

Downtown Chicago is struggling to recover from the pandemic-era shift to remote work.

Major employers like Google and JPMorgan Chase recently committed to office redevelopments in the city. The bank required staff to return to the office five days a week in March, bolstering foot traffic in the central business district.

The deal is also a vote of confidence in 222 South Riverside, a 1.2 million-square-foot tower owned by DWS Group, a real estate investment trust affiliated with Deutsche Bank.

The building is managed by LaSalle and was represented in the lease by JLL. Holcim was represented by Newmark.

Office leasing is challenging in Chicago, where downtown vacancy rates hover around 25 percent and suburban areas experiencing even higher rates, as landlords struggle with financial pressures and declining demand.

Holcim shareholders are set to vote on the spinoff later this month. If approved, Amrize will list on the New York Stock Exchange in June. Holcim’s North American business generated $11.7 billion in revenue last year, making it one of the company’s most valuable divisions.

— Judah Duke