MILAN-UniCredit has agreed to lease more than 600,000 square feet of office as the anchor for the planned Porta Nuova, a mixed-use, $1-billion development under construction here, local real estate sources tell GlobeSt.com. The company confirmed in a statement that it will take space in a few buildings at the site, including the planned 30-story tower that will feature a company sign, though developer Hines officials would not comment on the lease size.
The development, adjacent to the Garibaldi train station, will include eight office towers of more than one million square feet, 400 residential units, 400,000 square feet of retail and a hotel. The project, which will be broken up into the three areas called Garibaldi, Varesine and Isola, would also include a large public park, 4,000 parking spaces and a network of pedestrian and bicycle paths.
Hines owns the property, and has separate investors for each of the areas, including TIAA-CREF. The entire project is on a 10-year plan for development, a Hines spokesman tells GlobeSt.com.
He says the site has been selling on the residential side as well. “We’ve only been marketing for two of the towers for about seven months, and both of them are about 50% sold out,” the spokesman says. “This is top-of-the-line space, which is needed in the area. The other office and residential product is mainly aging inventory.”
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