State Street, one of the largest financial services firms in Luxembourg, on Tuesday started construction on its new headquarters in the Cloche d’Or district. The relocation will see around 600 employees move from the company’s current offices in Kirchberg to a new building designed to accommodate up to 800 staff. The move is scheduled for 2026.
State Street selected Cloche d’Or due to its location, infrastructure, and growing role as a financial and business district. The new headquarters will be in the Stairs building, which is being developed on a 22.5-are plot previously used for a private Christmas market. The building will have 12 floors on 9,999 square meters.
The plot became available in June 2024 when Yann Baden, as provisional administrator of the Olos real estate fund, cleared the site in Cloche d’Or as part of an asset restructuring process. The land had previously been linked to Flavio Becca, a Luxembourg businessman and real estate developer known for large-scale projects and legal controversies surrounding his financial dealings.
Olos, an investment fund involved in real estate and other assets, was placed under administration amid a shareholder dispute dating back to 2021. Baden’s intervention eventually allowed for the development of the Stairs building, which will house State Street’s new headquarters.
State Street to fully own Stairs building upon completion
The restructuring also led to a revised ownership structure, with State Street acquiring a 10 percent stake in the project alongside Becca’s Promobe group and Belgian-Dutch real estate investor Nextensa. Once construction is completed State Street Bank Luxembourg will take full ownership of the Stairs building. Financial details have not been disclosed.
“This investment demonstrates our long-term commitment to Luxembourg,” said Ricardo Lamanna, State Street’s country head for Luxembourg, said in a statement. “With direct access to outdoor spaces, optimal connectivity, and numerous services nearby, this building will meet the needs of our employees within our hybrid working model.”
Promobe and Nextensa already collaborate in several other real estate projects in the Cloche d’Or area through their Grossfeld joint venture. These involve the construction of a total of five office buildings, 750 apartments and a 150-room hotel.
Fund administration
State Street is a major provider of fund administration and custody services in Luxembourg. The firm oversees 1.05 trillion euros in assets and has the largest market share in custody services, with 1.14 trillion euros in assets under custody. It is one of the largest financial services firms in the country.
The company has been adjusting its business model, placing greater emphasis on client-facing services, automation, and digital asset management. It has also been rolling out its Alpha platform, which integrates front-to-back investment servicing.
The new office will be located between the Cloche d’Or shopping center and PwC, alongside the White House and The Emerald, two developments from Promobe and Extensa.
State Street has been present in Luxembourg for more than 30 years.