Located in the northern section of Milan about 10 minutes from the city center, Maciachini sits on a 16-acre site that had been home to the multi-structure headquarters of a pharmaceutical company. Doughty Hanson acquired the property in 2003 and proceeded to demolish the majority of the buildings on the land in order to make room for the 12 structures that would comprise Maciachini. The project is being developed in four phases, with the initial phase having delivered 290,000 square feet of office space during the second quarter of 2006. The majority of the space completed during the first phase is leased. Phase two of the development, on target to reach completion in June of 2008, calls for approximately 312,000 square feet to house the Italian headquarters of Zurich Italia. The third phase, already significantly pre-leased, will bring about 97,000 square feet of office and retail space to the site, and the final phase will result in an additional 323,000 square feet of office space.
Doughty Hanson funded the Maciachini project through its first real estate fund, which was established in 1999. The fund has committed to 10 investments accounting for 49.4 percent of the fund. The company, which has office across Europe, closed its second fund in 2006 with over $860 million in commitments.
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source: commercialpropertynews.com
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