Hines is expanding its office portfolio with an investment into a corporate headquarters refurbishment project in Milan, located at 25 Via Tortona. The €200m investment will be finalised in partnership with an international institutional investor through the acquisition of 100 % of the shares of a fund managed by BNP Paribas REIM. The project, which consists of four buildings covers a total surface area of 30,000m². Hines will act as the developer and co-investor in the planning and authorization phase until construction work commences in early 2024. The project is expected to complete in the first half of 2026.
The main ambition is to create a space that encourages people back to the workplace and stimulates interaction between teams, with dedicated spaces for food and retail units and the introduction of 24/7 services that provide a range of activities. The office space will support knowledge-sharing between occupiers by enhancing workspace to increase collaboration and optimise levels of performance. The refurbishment will also connect internal and external spaces, which includes extending the entrance on Via Tortona by restructuring the internal courtyard, as well as the extensive terraces on the top floor to encourage people to meet and talk.
The project will be carried out in accordance with the highest international standards of environmental sustainability and energy efficiency, targeting a LEED Platinum Certification. In line with the Hines approach, a set of ESG criteria will inform the process, which ranges from the choice of construction materials used and the creation of a space that promotes a culturally active and integrated community.
The project is in a strategically-located neighbourhood which, in recent years, has become an innovative and high-tech district. Home to Milan’s Design Week, the area has developed a strong identity and houses major fashion brands, including Ermenegildo Zegna and Armani, as well as arts and culture exhibition centres including Mudec, the Museum of Cultures of Milan.
Mario Abbadessa, senior managing director and country head of Hines in Italy, commented: “This investment marks an important step for Hines as we continue to increase our portfolio in the growing office sector in Italy following projects in Piazza Cordusio and Via della Spiga. The project will see Hines create an innovative design that responds to the evolving needs of future occupants by planning the first office campus in Milan where social and sustainable requirements are placed at the heart of the development.”
