"Maciachini has set the gold standard for high-quality officedevelopments in Milan," Doughty Hanson principal John Howard sayswhen revealing the bifurcated purchase by a Luxembourg investmentfund and Italian property developer. "Having initiated andprogressed this high-standard development, it is now an opportunemoment for us to sell."

Doughty Hanson was able to strike the necessary preleasing dealsto attract investor interest, explains Howard. The first threephases are already under way with commitments from top rated,multinational tenants. The inaugural 290,000 sf of office space iscompleted and leased to such firms as Macquarie Bank, Mattel,Montblanc and Universal Music, while another 300,000 sf will beoccupied by Zurich Italia in June, to be used as the firm'sheadquarters. Autogrille, Europa Risorse, Panini Giusto and VirginFitness are among the tenants preleasing the 100,000 sf ofrestaurant, retail and entertainment space soon to open atMaciachini Center.

Milareal Sarl, the Luxembourg investment fund, will take overthe space being delivered in the first three phases, while theItalian suitor, Via Imbonati Srl, acquired development rights forthe final build out, a plan which allows for 325,000 sf of modernoffice space.