Moschino Signed as First Tenant of Hines’ Spiga 26 in Milan
● A leading global real estate company, Hines is restoring the storied 18th-century Palazzo Pertusati on Via Spiga.
MILAN — Via Spiga is making a comeback.
Leading global real estate company Hines is restoring the storied 18th-century Palazzo Pertusati on the central Milan street under the Spiga 26 project and it has secured Moschino as the first tenant. The fact that such an up-to-the minute brand has chosen Spiga 26 is a pointer to how innovative the new real estate venture aims to be.
“We chose a spacious multilevel location that offers a strong visual impact from the street, to represent not only our love for Milan, which has always been the heart of the Moschino fashion house, but also our faith in this project,” said Stefano Secchi, managing director of Moschino. “This space, which will be the brand's primary flagship in the world, also reflects the major changes and investments which the maison has been making in recent months, despite the pandemic. Given the strength of the brand, we look confidently and with high expectations to the future, starting right here in Milan.”
The new Moschino boutique will cover three floors more than 6,480 square feet.
The building housing the store extends across 140,400 square feet, developed on three mixed-use levels, and will have two entrances, one on Via Spiga 26, with three floors above ground and one in the basement. The other entrance is on Via Senato 19, with seven floors above ground level and two below ground.
The main entrance on Via Spiga is characterized by 18 floor-to-ceiling retail windows spanning over more than 213 feet. In the building, 32,400 square feet will be dedicated to retail and the spaces inside will be connected by a central green courtyard spanning 1,944 square feet.
“We really believe in this project, Via Spiga is a Milanese icon and needed to be relaunched,” explained Mario Abbadessa, Hines' senior managing director and country head Italy.
After the closure of stores during the pandemic and the exit of several brands from the street over the past few years, the pedestrian- only, cobblestoned Via Spiga is going through a revamp, with the recent opening of Ralph Lauren's new flagship and restaurant, and Rocco Forte's The Carlton Milano hotel, which is expected in 2023. A few steps away on Corso Venezia, a new hotel owned by the Ferragamo family is slated to open next year.
“This is a repositioning of the street, which is not inferior to Via Montenapoleone, but a sophisticated alternative to it,” underscored Abbadessa.
“Via della Spiga is still the most beautiful shopping-fashion street in Milan. We know it will recover and this project will be the icon of its revival, not just for shopping, but for the 360-degree experience that it will be able to offer,” said Secchi. “During this very complex time, in which the retail world was particularly impacted and is quickly changing its dynamics, it's fundamental to be able to rely on a landlord that is also a business partner, with flexibility and foresight. We chose Hines because we immediately perceived this approach and this openness, qualities that are rare these days. We believe deeply in this project and wanted to be the first to give a strong message.”
Hines bought the Spiga 26 building in a joint venture with a large Dutch pension fund manager in June 2019 and the renovation, which started last year, are expected to be completed in the spring of 2022, with a total investment of 250 million euros, said Abbadessa.
The retail spaces can be mono- or multitenant thanks to the flexible and functional layouts, and there will be terraces and locations for events. There will also be a restaurant, a club and a gym available from the Via Senato entrance.
“Since its very beginnings, Moschino has been known for its innovative spirit and pervasive and unconventional creativity in the lifestyle sector, which we believe to be in perfect harmony with our project,” said Abbadessa. “In fact, with Spiga 26 we aim to create a space with a unique identity in the retail world, an experiential space characterized by the cross-contamination between fashion, design, culture, food, and business, on a historic street that is synonymous with elegance, even at the international level, and which, as Hines, we are reactivating with a calendar full of artistic, cultural and community engagement initiatives dedicated to promoting its attractive potential.”
As reported, in July Aeffe decided to acquire the 30 percent stake in Moschino it did not already own from Sinv Holding SpA, Sinv Real Estate SpA. and Sinv Lab Srl, for more than 66.5 million euros, with the goal to further develop the label.
The Italian fashion group is publicly listed on the STAR segment of the Italian Bourse, and, in addition to Moschino, its stable of brands include Alberta Ferretti, Philosophy di Lorenzo Serafini and Pollini.
Aeffe saw a strong acceleration in the first nine months of the year, which led the Italian fashion company to report a net profit of 23.2 million euros compared with a net loss of 14 million euros in the same period last year, and sales of 250 million euros, up 20.9 percent from last year, driven by double-digit growth in all its markets.
Moschino is designed by creative director Jeremy Scott, who has added a contemporary spin to the tongue-in-cheek looks that shaped the brand's legacy by tapping into today's pop iconography. Scott's social networking skills and connections have contributed to the brand's success, as have his sensibility for art and music, his ability to speak to a younger generation and his relationship with celebrities, ranging from Rihanna and Katy Perry to Miley Cyrus.
Hines, which is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries, has invested in the building through a real estate fund managed by Savills Investment Management SGR SpA, and it was designed and curated by Scandurra Studio Architettura and SCE Project.
The upper floors will be converted into exclusive and innovative office spaces, in line with high standards of environmental sustainability and energy efficiency, and Spiga 26 aims to achieve LEED Gold certification, thanks to the measures being put in place to qualify as a sustainable site.
Hines oversees investment assets under management valued at about $83.6 billion and provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Hines is also working on the restructuring of the ‘50s post-rationalist and brutalist Torre Velasca in Milan.
With Spiga 26, Hines has become the promoter of a series of cultural initiatives featuring the street and Milan, aimed at transforming the urban fabric into an artistic location.