This month, Hines will begin renovation of a four-building, seven-story, 264,000-sf former post office called Via Bergognone 53. The building is located close to Giorgio Armani headquarters, Fabrizio Ferri's Super Studio and Ansaldo complex. Lancaster says the high-profile neighborhood and area's trendy upscale quality should help leasing at the office building, acquired in 2000.

The firm of MCA Mario Cucinella Architects won a heated competition to redesign the complex. Renovations will include a new façade, grand entrance, interior, glass-enclosed garden, restaurants and single-level, below-grade parking garage in what is intended to be a close-knit campus-style design. The project is scheduled for completion at yearend 2003.

In a prepared statement, Hines chairman Gerald Hines said "the design competition allowed us to look at several schemes for the renovation and Cucinella's design was the best fit for this up-and-coming location." Hines noted leasing interest has been steady among local and multi-national companies.

Hines' other Milan project is the recently completed renovation of Centro di Eginardo, a four-story, 174,000-sf office building near the Milan Exposition. Lancaster says Hines is primarily interested in properties in Milan and Rome. The international developer's Italian office is headed by the father-son team of Ricardo and Manfredi Catella, stalwarts of the development and construction business in Italy. They are actively looking for projects in Rome and expect to be making another announcement within the year.