In just two decades, the Cloche d’Or neighbourhood in Luxembourg City has evolved from a largely undeveloped area into a thriving hub.
On Tuesday, the foundation stone was laid for a new building that will house the US bank State Street, cementing its long-standing ties with Luxembourg during a geopolitically complex period.
The building, which will be built by Luxembourg property developer Flavio Becca, will be located opposite the Cloche d’Or shopping centre and is set for completion in 2026.
Its unique stepped design, with each floor slightly offset from the previous one, will make it a distinctive addition to the area’s skyline, despite its modest height of 48 metres.
State Street, employing 900 people in Luxembourg since its arrival in 1990, is set to relocate from Kirchberg to new premises at the intersection of Boulevard Raiffeisen and Boulevard Kockelscheuer. Riccardo Lamanna, head of State Street Luxembourg, underscored the country’s strategic significance, stating: “A large part of our income comes from Europe. Luxembourg, with its favourable location, is extremely important to us. We want to be near our customers, so that’s why we’re here and will continue to be here.” Lamanna declined to comment on the recent US presidential transition or potential trade wars.
The foundation stone ceremony was attended by Maurice Bauer, a member of Luxembourg City’s municipal executive board (“Schäfferot”), though no representatives from the national government were present.
Becca described the investment as a positive signal amid global uncertainty, noting, “In this geopolitically complicated situation, it’s a good sign that a US investor has decided to establish their European headquarters here in Luxembourg for the long term.”
When questioned whether Cloche d’Or is becoming more of a business district than a residential neighbourhood, Becca pointed to the area’s ongoing residential development. “We have already built more than 100,000 square metres of housing here,” he said, with an additional 40,000 to 50,000 square metres planned. He also highlighted the arrival of small businesses, such as a bakery, as evidence of the area’s growing community.
