Milan, January 8th 2014 – Hines Italia SGR, a leader in the management of Italian and international real estate funds, announced today that Google has signed a 5,000-square-meter (53,800-square-foot) lease for its Italian offices at Porta Nuova, the Hines mixed-use development in Milan.
Google will consolidate its Italian operation in the Porta Nuova Isola building, an 11-story, 10,000-square-meter (107,600-square-foot) office building that is part of Porta Nuova, one of the largest urban redevelopments in Europe.
With the signing of the Google lease, the office building at Porta Nuova Isola is now 80 percent leased to Google and Pandora Jewelry.
“Manfredi Catella, CEO of Hines Italia Sgr, commented, “Following the recent partnership in Porta Nuova with sovereign fund Qatar Holding, Google’s relocation of its Italian headquarters to Porta Nuova confirms the unique and innovative character of this major urban redevelopment project. The area is quickly emerging as a new vital hub for Italy’s economy and future.”
Joe Borrett, Director of Real Estate & Construction (EMEA) for Google, said: “We are excited that this move to Porta Nuova will enable us to locate all our Milan team in a single office.”
Designed by William McDonough + Partners, the office building optimizes the workplace environment through efficient floor plates and core layout, natural ventilation, access to the outdoors through a series of exterior terraces, and a high-performance window glazing system that maximizes views and transparency while minimizing heat gain. The building envelope is expected to achieve LEED® Gold certification, while the office spaces will comply with the guidelines for LEED Commercial Interiors.
Google’s corporate culture of environmental sensitivity and social responsibility fits perfectly with the philosophy of the project and the history of the surrounding neighborhoods.
Read more about the Isola project here.
HINES ITALIA SGR is a leading independent manager of real estate investment funds on behalf of Italian and international institutional investors. Hines Italia SGR was authorised by the Bank of Italy in July 2009 and currently manages 11 real estate investment funds, with more than three billion euros under management. Hines Italia SGR is controlled by Hines and other shareholders including Manfredi Catella, Gruppo Assicurativo Unipol and Micheli e Associati. Hines is one of the world’s largest institutional real estate investment managers controlling assets worth more than 19 billion euros. Hines has a presence in Europe, the United States, Latin America, Asia and the Middle East with more than 100 operating offices, having developed more than 884 projects. Hines has been present in Italy since 1999 through Hines Italia, established in collaboration with the Catella family, which was already active in the real estate sector since 1973 through Coima, a company with more than 60 professionals specialising in real estate management services.
PORTA NUOVA is a mixed-use development of 360,000 square-meters including office, residential, retail and cultural venues, representing one of the largest urban development projects under construction in Europe today. The areas’s design is the result of the development of three master plans for three areas, Porta Nuova Garibaldi, Porta Nuova Varesine and Porta Nuova Isola, respectively by Pelli Clarke Pelli Architects, Kohn Pedersen Fox Architects and Boeri Studio. At the heart of the redeveloped area lies the Giardini di Porta Nuova (Porta Nuova Gardens), a public park of approximately 90,000 sqm with over 1,500 trees inserted in a pedestrian and bicycle area of over 160,000sqm. Porta Nuova is located in Italy’s most connected transport hub, served by four metro lines, the urban railway link, and two high-speed train stations.
The investors supporting Hines are the Unipol Insurance Group, TIAA CREF (Teachers Insurance and Annuity Association, College Retirement Equities Fund), Coima XXI, Galotti, HICOF (Hines Italia Core Opportunity Fund), the MHREC fund (Monte Paschi Hines Real Estate Crescita, a fund managed by Hines Italia SGR S.p.A) and the Qatar Holding sovereign wealth fund. The banks financing the project are Banca Intesa San Paolo, UniCredit, Banca Popolare di Milano, Monte dei Paschi di Siena and Hypoteken Bank Frankfurt AG.
William McDonough + Partners is a design firm of architects, planners, and others. In 1994, the practice relocated from New York to Charlottesville, Virginia, when William McDonough was named dean of the University of Virginia’s School of Architecture. The Charlottesville studio established a leading role in sustainable design through a diverse range of notable projects and in 2006, the firm opened a studio in San Francisco, California to strengthen its Bay Area presence. The studios work seamlessly together and collaborate closely with clients around the world. Learn more about William McDonough + Partners at www.mcdonoughpartners.com.