MILAN – Hines Italia SGR, a leader in the management of Italian and international real estate funds, announced that Google has signed a 53,800-square-foot lease for its Italian offices at Porta Nuova, the Hines mixed-use development in Milan, Italy.
Google will consolidate its Italian operation in the Porta Nuova Isola building, an 11-story, 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 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.
Porta Nuova is a mixed-use development containing 3.8 million square feet including office, residential, retail and cultural venues, representing one of the largest urban development projects under construction in Europe today. The project’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 containing 968,400 square feet with more than 1,500 trees planted in a pedestrian and bicycle area of over 1.7 million square feet. Porta Nuova is located in Italy’s most connected transport hub, which is 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.