The Milan office sector recorded a positive trend in 2021, thanks in part to growing interest from investors in assets located within areas subject to major regeneration projects; in addition to the quality of an asset, the upside potential of its context is a key market driver.
The Capital Markets teams of GVA Redilco and Cushman & Wakefield have assisted DWS Alternatives GmbH – Milan Branch as advisors in the sale, following a competitive process, of ‘Blue Building’, an office asset in Via Galeno 36 in Milan, to SCPI CORUM EURION (managed by CORUM Asset Management).
The asset, fully let to a US multinational in the biomedical sector, has an area of about 6,744 sqm, distributed over 3 floors above ground in addition to a basement floor housing garage space. It is characterized by a barrel-shaped skylight providing light to the offices and to the winter garden, and glass columns on the 4 corners featuring inclined iconic Prussian-blue surfaces.
The property is located in the north-east quadrant of Milan, in a growing business district full of services and well connected by public transport, with quick access to the motorway network and the city center.
Thanks to the proximity of the well-established Bicocca business district – where various real estate development projects are underway and many important international companies have located their headquarters – and to the urban regeneration projects in progress at Scalo Greco-Pirelli and MilanoSesto, the area hosting the building is due to see further growth in demand for office space.
This deal and others in the pipeline further confirm the strong investor interest in well-located core product capable of guaranteeing a stable income.