Holcim Mulls Move to Downtown Chicago for Planned US Spinoff

(Bloomberg) — Swiss cement giant Holcim Ltd. is weighing a move to downtown Chicago for the planned spinoff of its North American operations, according to a person familiar with the matter.

The newly formed company, to be named Amrize, is currently considering relocating to the Loop, as Chicago’s central business district is known, said the person, who asked not to be identified because a final decision has yet to be made. Holcim’s North American office is located near O’Hare International Airport, close to the suburb of Rosemont, Illinois. 

Amrize’s potential move to downtown Chicago would bolster a city that suffered a reputational blow with the departures of billionaire Ken Griffin’s Citadel financial conglomerate and planemaker Boeing Co. It also comes as the downtown is finally showing signs of life, with more companies mandating workers back to the office.

In a statement to Bloomberg, Holcim said it “will continually evaluate our office space needs.”

Holcim is seeking a new corporate headquarters for Amrize and is in talks with several building owners for 39,000 square feet of space, according to its agreement with the state of Illinois. Amrize’s legal headquarters will remain in Zug, Switzerland, where Holcim is based.

The new location would add to a rebound in Chicago’s real estate market, with tenants renewing leases or signing new ones altogether. Engineering firm Sargent & Lundy picked up almost 400,000 square feet at 77 West Wacker Dr. in 2024, the largest new office lease in Chicago in more than three years. Coca-Cola Co. is also doubling its office space in the city.

Overall leasing activity in the central business district picked up 32% in the fourth quarter from a year earlier, with new deals jumping 15%, data from real estate broker Cushman & Wakefield show. 

Holcim said it plans to conduct an investor day in New York on March 25 and that it’s on track to complete the spinoff by the end of the first half of this year. The company’s North American operations generated $11.7 billion in revenue last year, with an adjusted operating earnings margin of 27%.

Regardless of whether Amrize relocates to downtown Chicago or keeps its operational headquarters farther out, it will receive tax credits from the state of Illinois. Holcim has also committed to adding 50 new jobs at Amrize in Chicago, almost doubling its workforce in its main office there. 

“The state continues to provide critical support to companies looking to locate or expand in Illinois,” Kristin Richards, director of the state’s Department of Commerce and Economic Opportunity.

–With assistance from Allegra Catelli.

(Updates to include lease negotiation with building owners in fifth paragraph, Chicago leasing data in sixth.)

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