Cromwell commences redevelopment of Nervesa 21 office building in Milan

Real estate investor and fund manager, Cromwell Property Group (Cromwell) on behalf of Cromwell European REIT (CEREIT), has appointed the developer Nessi & Majocchi to commence the €25.7 million redevelopment of Nervesa 21 in Milan into a modern 10,000 sqm sustainable office building.

Located next to the Scalo Romana redevelopment project, Nervesa 21 will be an urban oasis incorporating a modern design by architects DEGW and will be built to LEED Platinum and WELL Gold certification standards, in line with other upcoming building redevelopments within this area of continuous transformation in Milan.

With works expected to complete towards the end of 2023, the building will be suitable for multiple occupiers, incorporating four external elevators providing panoramic views of the city and services and amenities for occupiers. These include a 5,300 sqm green-leisure space, bicycle facilities, 230 parking spaces, exhibition areas and space dedicated to urban agriculture. The project has recycled 95% of the building’s materials removed during the strip-out process with an additional further target to recycle 80% of the materials collected throughout the redevelopment.

Commenting on the redevelopment, Mariangela Conte, Italian Head of Asset Management at Cromwell Property Group, said: “Nervesa 21 is an office building, unique in its flexibility to host both a single occupier or multiple tenants, truly designed and built for the future, incorporating all the design and functional requirements of modern-day occupiers with a rigorous commitment to sustainability.

The future of the office is changing. We are seeing rising demand for modern sustainable workspaces from occupiers who have realised that the quality of their offices has become a key factor in attracting and retaining talent. There is already a scarcity of this type of space in Europe and the accelerating drive towards sustainability is only going to exacerbate this supply demand imbalance in the future.”

Alessandro Adamo, partner of Lombardini22 and Director at DEGW, added: “People, technology, and comfort are the key words behind this project: to build an innovative, contemporary, technologically advanced building with a sophisticated design that connects people and workspaces through a harmonious relationship with nature. Tenants will also benefit from a smart app that will help them to better experience the spaces, within a project that puts people at the centre and aims to meet a wide range of professional needs while increasing the occupiers’ wellbeing.”

CBRE and Dils have been appointed as commercial advisors to market the property.