In 2018, Hines, in a joint-venture with a group of German pension funds, completed the purchase of a trophy building on Via Orefici adjacent to Piazza Cordusio, Milan’s prime office and high-street retail destination.
The 12,000 square-meter building is located in the very heart of the historical center of Milan, about 500 meters from Piazza Duomo. The building was formerly the historical global headquarters of eyewear retailer Luxottica and will be converted into a mixed-use property with retail components on the lower floors and prime office space on the higher floors.
The flagship building is fully vacant and will undergo an extensive renovation, benefiting from the new upcoming location of Piazza Cordusio which is attracting the interest of major international retail and office tenants. Once refurbished, the building is expected to be held as a long-term investment.
Hines sold Via Cantu in March 2020.