MILAN—Continuing its expansion into Europe, Thor Equities has acquired its first Italian property. The New York City-based owner/developer said Tuesday it had signed a contract to acquire 26 Via della Spiga, an 85,000-square-foot luxury retail, office and residential property in Milan.
Home to one of Dolce & Gabbana‘s first stores, 26 Via della Spiga features more than 425 feet of retail frontage. Dolce & Gabbana occupies all 17,407 square feet of retail space on the property’s ground and lower levels. The seven-story building also contains 33,384 square feet of office space and 33,443 square feet of residential.
The retail market and overall economy in Milan has held up very well, with retail rents remaining stable along prime fashion corridors including Via della Spiga, due in large part to the city’s emergence as a global gateway destination attracting European, U.S., Asian, and Middle Eastern consumers,” says Jared Hart, managing director of Thor Equities. Neighbors to the company’s latest acquisition include Prada, Tod’s, Tiffany’s, Moschino, Belstaff, Saint Laurent, Brunello Cucinelli, Bulgari, Chopard, Lanvin, Roberto Cavalli and Valentino; the Four Seasons Hotel Milano is also situated nearby.
Thor already owns properties in France, Spain and the UK. Among its European holdings are 102 Avenue des Champs-Elysees, 51-53 Boulevard Haussmann and 65-67 Avenue de Champs-Elysees in Paris; 9 Puerta del Sol in Madrid; and Bond Street House, 105-109 Oxford Street and the Burlington Arcade in London.