GVA Redilco acted as advisor in the letting of Piazza San Fedele 1/3, an iconic and exclusive building in the heart of the historic center of Milan.
Formerly home to the Manzoni theater, the trophy asset – a gem of late 19th century Milanese culture – is located in the eponymous square in front of the elegant church that lends its name, adjacent to the Galleria Vittorio Emanuele and Piazza della Scala.
Owned by the Coima QIA Italian Property Fund, managed by Coima SGR S.p.A. on behalf of Qatar Investment Authority, Piazza San Fedele 1/3 was chosen by Bottega Veneta, a luxury brand belonging to the Kering Group, to accommodate its new headquarters.
Planning a complete renovation of the building in line with the highest international standards whilst respecting its identity, the Asti Architetti studio has designed a redevelopment project focused on the eco-sustainability of the materials used and on energy efficiency, thanks to which the building aims to achieve LEED certification.
The renovation project also includes the complete redevelopment of Via Carlo Cattaneo, of the portion of Via Silvio Pellico that runs from the Galleria to Piazza Duomo and the renewal of the urban furnishings for Piazza San Fedele, considered by the Milanese to be a ‘living room’ for the city.
The mixed-use asset (retail and offices) has a total area of approximately 10,000 sqm.
This is one of the most significant real estate transactions in Milan in recent years, even more so considering this particular market moment. After about a year of slowdown and braking evident in the sector’s main indicators, GVA Redilco’s outlook remains decidedly positive for Offices. There is finally a renewed, growing demand for spaces, which aims to satisfy the new employment needs which have emerged during this period and which will feature new workplace models and tenants with a vision and a culture of change.