MILAN — L’Oréal Italia is to relocate its Milanese headquarters.
The Italian subsidiary of the beauty powerhouse has signed a 10-year pre-letting agreement with real estate player Covivio for a building under development located at the city’s new business district The Sign.
Created from the redevelopment of a former industrial site dating back to the 1950s, The Sign complex is rising in Milan’s southwest area, close to the IULM University campus and already served by different means of public transportation. L’Oréal Italia’s current offices are in Via Primaticcio, a 20-minute drive from the new location.
Covering an approximate surface of 139,931 square feet, the building is still being constructed and slated to welcome the company starting end of 2024. The project marks a new stage in the development of the site, which already hosts the new headquarters of the AON and NTT Data companies, specialized in financial risk-mitigation products and IT solutions, respectively.
Designed by the Progetto CMR architecture firm, the new L’Oréal Italia headquarters will stand at the end of the new Fernanda Pivano square and the IULM Park, and will span over nine floors, with large terraces overlooking the square on the fourth and eight floors, and about 180 underground parking spaces.
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The interior spaces will be designed to accommodate flexible offices with high-tech implementations as well as spaces favoring collaborative work and common, hybrid areas aimed at enhancing the performance and creativity of workers. To be designed with a heightened attention on environmental performance, the building plans to obtain Wiredscore, WELL and LEED Platinum certifications.
In addition to Milan, L’Oréal Italia has a logistics center in Villanterio and one of the group’s main global production hubs at Settimo Torinese, a 30-minute drive from Turin. Operating since 1960, the products manufactured at this plant are distributed in more than 30 countries. Combining all locations, the subsidiary’s workforce counts 2,000 people.
“We are thrilled to welcome L’Oréal, a brand synonymous with excellence around the world that will contribute to the growth and enhancement of the entire district,” said Covivio Italy’s chief executive officer Alexei Dal Pastro.
“Thanks to its design and architectural quality features, and the presence on site of corporations of primary standing, The Sign is expected to become a new metropolitan destination that will give further impetus to the evolution of Milan toward new forms of connection, innovation and sustainability,” Dal Pastro added.
In addition to The Sign, Covivio operates the Symbiosis business district. As reported earlier this year, Moncler and LVMH Italia have signed pre-letting agreements with the real estate company for leases of offices in this multitenant complex, which is located next to Fondazione Prada in the southeast of Milan.
In the same area, another project is in the works. As reported, Covivio teamed up last year with real estate firm Coima SGR and Prada Holding SpA — which controls the Prada fashion group — to acquire the Scalo Porta Romana former railway yard with an offer of 180 million euros. The strategic area covering 20 hectares — or almost 50 acres — is to undergo a major revamp that will potentially include a highline crossing the area from west to east.
Presented earlier this year, the winning master plan for the project will combine green areas, residential buildings, offices, social and student housing and community services, in addition to accommodations for the Olympic and Paralympic athletes competing in the 2026 Winter Olympic Games to be held in Milan and Cortina d’Ampezzo. After the Games, the village will be reconverted into social housing structures and accommodation for university students.
While mainly overseeing the re-qualification of a public park, Prada Holding will also establish a building housing laboratories and offices to extend its existing activities in this part of the city, which under its influence has been experiencing a significant relaunch.