Milan – October 10, 2022 – King Street Capital Management (“King Street”), a leading global alternatives investment firm in partnership with Kryalos SGR, an independent private AIFMD-regulated fund manager, today announces the successful pre-let of the Pharo Milano (“the Property”) to a primary technology services company.
The announcement follows King Street’s and Kyralos SGR’s initial purchase of the property in April 2018. The tenant will be occupying approximately 11,300 square meters starting in March 2023 and has agreed to a long-term lease. Practical completion of the Property occurred in September, with the Property now 55% occupied.
Paul Brennan, Managing Director and Head of European Real Estate at King Street, said: “As demand for sustainable, next-generation workplaces in European city-hubs continues, King Street is uniquely positioned and committed to executing quality investments.”
Paolo Bottelli, Chief Executive Officer at Kryalos SGR, said: “Pharo Milano is a perfect example of new generation office solutions and this lease confirms the positive dynamism of the Milanese office market showing also the strong interest of the occupiers for quality products and workplaces based on sustainable efficient solutions.”
Pharo Milano is a newly developed 34,500 sqm, 14-story Class A office property in Milan’s City Life business district. The Property features 20,500 sqm of available workspace, 155 parking spaces and 2,100 sqm of outdoor area and terraces, including a panoramic sky bar. With a strong focus on sustainable practices, the Pharo Milano is installing nearly 300 solar panels and pursuing a LEED Platinum certification.