Italian insurer Generali's property arm started construction works on Wednesday of the CityWave, a new-generation office building and the last element of its major CityLife development project in Milan.
Designed by the firm BIG – Bjarke Ingels Group, the building will be powered exclusively by renewable sources becoming the first office building to go beyond zero impact with a design aimed at making a positive impact on the environment.
The cladding of the structure with photovoltaic panels that cover the buildings named East and West will form the largest photovoltaic park in Milan and one of the largest urban photovoltaic parks in Italy, with an area of around 11,000 m2 of panels that can provide energy production estimated at 1,200 MWh a year, thanks to an installed power of nearly 2 MWh. The building is also designed to consume 45% less energy than standard office blocks through solutions such as the thermal use of groundwater, with a saving of 520 tons of CO2 a year, equal to the emissions absorbed by 20,000 trees. The CityWave project has already obtained LEED precertification with a Platinum level classification.
According to market sources, the complex will have a value of over €500 mln upon completion in 2025.
JLL and C&W have been retained to lease the office space.
CityWave, as well as the entire CityLife redevelopment project, is part of the European strategy of Generali Real Estate which, with assets of over €33 billion, ranks among the leading real estate managers in the world and creates value for investors through a series of cross-border investment vehicles, managed by the qualified asset manager Generali Real Estate SGR.
'The start of construction works of CityWave at CityLife are a new strong sign of recovery that drives the whole city,' commented Giuseppe Sala, mayor of Milan. 'The pandemic has forced all of us to slow down to get out of the emergency, but now is the time to move forward.'
Aldo Mazzocco, Chief Executive Officer of Generali Real Estate and Chairman of CityLife, said: 'This new-generation building is a further 'step up' in the evolution of properties for offices: a container for managerial activities that brings together objectives of positive impact on the environment and quality of life with new ways of using spaces in the wake of the shock from lockdown. In this way, we are defining a new paradigm for the world.'
Armando Borghi, Chief Executive Officer of CityLife, commented: 'CityWave is the culmination of a journey begun more than fifteen years ago that has made CityLife a new urban centre, a unique destination in Milan, where quality of life, innovation and sustainability come together. We are already at an advanced stage in talks with leading market operators for the marketing of the building, in confirmation of the project’s value. We are also continuing with the construction of CityLife’s last residential lot, which we will hand over in June 2022, while the completion of the public park is expected by the end of this year.'
