Milan invests into its future

Milan may only be the second most populous city in Italy. Still, it is number one in so many other ways – art, banking, fashion, finance, luxury shopping, publishing and pasta-powered lunches, for a start.

While Milan has a cultural heritage dating back to the Roman empire, including the stunning Duomo Cathedral, Castello Sforzesco and Leonardo da Vinci’s The Last Supper, the northern capital of the Lombardy region is also acutely forward-looking.

At the end of the 19th century, Milan was a major European industrial centre with automobile, chemical, and heavy machinery production industries. It was here that companies like Alfa Romeo and Lancia came to life. But the city has successfully transitioned to a post-industrial city that generates wealth through creative industries, services, technology and trade fairs.

Central to Milan’s economic strength has been a large-scale urban regeneration programme that has inspired a period of extraordinary architectural development that revamped the city’s image. Brownfield districts have been redeveloped into housing, offices and shopping districts by famous and international architects.

And this revitalisation was not just in Central Milan. The former trade fair area has been transformed into CityLife, a multipurpose district with three key towers designed by famed architects Zaha Hadid, Arata Isozaki and Daniel Libeskind. The Tortona district and Fondazione Prada are two industrial districts that have been radically revamped for the world of creativity, fashion and design. The shining example of this process is Porta Nuova.

Redesigning the city

Porta Nuova, a once-rundown quarter in Milan, today hosts the headquarters of Unicredit Bank and BNP and is a corporate hub with over 35,000 employees working in the area. The district includes residences, shops, restaurants and cafes, and attracts some 10 million visitors every year. A highlight of the district is the award-winning Bosco Vertical (Vertical Forest), two residential towers designed by Boeri Studio and featuring 900 trees (90 different species) on their outside terraces.

One of Europe’s most significant urban regeneration projects, Porta Romana reconnects three parts of the city through a continuous pedestrian system and a large public park. The area hosts a fashion house (Armani); and Fondazione Prada, and the new HQ of A2A, the Utility Company of the Region; And with Milan awarded the 2026 Winter Olympics, the redevelopment continues with 60,000 sqm of land in the former railway yard used to create the athlete village. When the Olympics are finished, this area will transition to residential housing and student accommodation.

R89

PATRIZIA has invested in the district on behalf of clients by purchasing an iconic office of 10,500 sqm at Via Giuseppe Ripamonti 89. Known as R89, the refurbishment of the seven-storey building is being undertaken by the architectural firm of Garibaldi, who are working on a vision of “Working in an urban rooftop environment.”

The project includes a green rooftop that will fit into the large urban park with a vast meadow garde, and wet and woodlands central to the development of the athlete village.

“From a structural point of view, the idea is to create flexible spaces for the tenants, a place where people can work and live with full amenities, but with increasing attention paid to sustainability,” says Fabrizio Trani, Head of Asset Management Italy at PATRIZIA. “Sustainability is increasingly becoming a demand of our clients.”

The refurbishment will primarily focus on a new entrance, restructuring the reception area, creating an iconic and recognisable façade and the roof garden. The goal is to build a sustainable building that could become a landmark of the district. The project foresees the following certificate: Leed Platinum, Breeam Very Good, WELL Gold, and WiredScore Gold.

Building on respect for history

Milan respects and appreciates its past while building for the future, which is one element that attracts PATRIZIA to the city. The head office of PATRIZIA Italy is in Milan, and EUR 1 billion in assets (55% office, 35% logistics and 10% other) are managed from there.

In Milan, PATRIZIA manages 130,000 sqm of core investments and offices under construction in the city’s most important and central locations. Together, these assets are worth about EUR 500 million and include the renowned Pergolesi building.

Designed by Gio Ponti, a noted Italian architect, industrial and furniture designer and artist, the building is at Via Giovanni Battista Pergolesi 25, about a three-minute walk from the Central Station. The asset is entirely let to nine tenants, mainly for office use.

Built in 1971, the iconic building on a diamond-shaped site has a rhythmic structure of well-proportioned sections with individual panels protruding to break with the verticality and give the building dynamics. The playful distribution of windows all over the façade achieves the same effect, which is a popular motif of Ponti.

“We have extensively refurbished the 5,961 sqm building, including reproducing new porcelain stoneware tiles to replace those damaged by erosion in the distinctive façade,” says Andrea Airo from the trx team in Italy. “Four different types of tiles had to be produced to match Ponti’s original design with great care taken in the glazing to match the existing colours.”

Given the city's economic fundamentals and growth prospects, PATRIZIA intends for Milan to be a key target of investments: offices, residential, student housing and logistics in the country.

“Milan is a city that has a history of success, and PATRIZIA intends to be a part of that,” comments Dario Strano Italian Country Manager.  “We aim to be here for a long time to realise benefits for our investors, shareholders and the wider community.”