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Cromwell secures major office occupier in Nervesa21 a year ahead of completion

Home Cromwell secures major office occupier in Nervesa21 a year ahead of completion

29/03/2023

Real estate investor and fund manager Cromwell Property Group (Cromwell) is pleased to announce that it has secured – on behalf of Cromwell European REIT (CEREIT) – an anchor tenant at its 10,000 sqm sustainable office redevelopment, Nervesa21, in Milan with the support of CBRE Italy’s Advisory team.

The tenant, a major European multinational corporation operating in the communications industry, will relocate to the vibrant neighbourhood of Scalo Porta Romana and will occupy 4,500 sqm of office space at Nervesa21, following the completion of the refurbishment of the asset by the end of 2023.

Nervesa21 has been re-designed to offer 14 modern floors, modular flexible layout, premium amenities, 2 rooftop terraces and 4 panoramic elevators. The building has been designed by architect DEGW / Lombardini 22 and is currently under construction and set to be one of the most advanced Grade-A offices in terms of sustainability and energy efficiency.

Constructed with a strong focus on sustainability, the complex will benefit from 5,300 sqm of external green leisure space, end of trip bicycle facilities, 230 parking spaces and will be powered by a combination of onsite renewable energy from solar panels and 100% renewable energy tariffs. Upon completion, the redevelopment is expected to attain LEED Platinum and WELL Gold certifications.

Nervesa21 is strategically located in the Porta Romana district of Milan, south-east of Milan city centre. The asset is in close proximity to Corso Lodi and has direct access to the A1 highway, the Linate Airport and the Central Station.

Lorenzo Caroleo, Head of Italy for Cromwell, commented: “Securing such a strong anchor tenant at Nervesa21, a year before the completion of its redevelopment, demonstrates robust occupier demand for high-quality and sustainable office premises in strategic locations.

“The Milan office market continues to be the most sought-after in Italy and one of the most active in Europe, attracting interest from both national and international occupiers.”

Fabio Mantegazza, Head of Advisory & Transaction of CBRE Italy, commented: “The success of this operation demonstrates how occupiers continue to seek quality spaces to support new ways of working and retain talent. The tenant strongly embraces the ESG principles foreseen within Nervesa21 and the architectural design that significantly enhances the outdoor spaces in favor of the well-being of the people who will work there”.