Allianz Real Estate redevelops Rome's Palazzio Marignoli
Allianz Real Estate has completed the transformation of the Palazzo Marignoli in Rome, repositioning the historic building into a landmark, mixed-used office and retail asset.
The redevelopment showcases the best in real estate asset management, with the building meeting very high architectural and technical standards while retaining its famous façade and character.
It is the latest in a number of high-profile redevelopments of listed buildings in Italy by Allianz Real Estate, including assets in Milan and Trieste.
Designed by famous architect Salvatore Bianchi and completed by Giulio Podesti, Palazzo Marignoli was built between 1873 and 1888 on behalf of Filippo Marignoli, Marquis of Montecorona. It has highly valuable architectural features and is situated in one of the best locations in Rome in terms of footfall. The building’s latest redevelopment was guided by architect Riccardo Bichara and his firm Studio Bichara.
A complex and sensitive construction and restoration process has seen antique frescoes by Fabio Cipolla and Ettore Ballerini from 1890, and graffiti by painter Afro Basaldella completed in 1950, positioned prominently inside one of the rooms of the ground floor retail unit. The courtyard preserves its architectural unity with a new flooring consistent with the context in both design and materials. The existing opening and windows on the upper levels have not been modified and have kept intact their historical configuration dated back to the interventions of architects Salvatore Bianchi and Michele Busiri Vici.
Sustainability elements have been incorporated into the redevelopment process where possible, with the building achieving a LEED certification – a significant achievement considering the limitations of listed buildings in Rome’s Historic Center.
Allianz Real Estate has developed a strong track record of transforming high-end, prime buildings in Europe, preserving their historic value, upgrading them to high specifications and, as a result, attracting prime tenants. A key focus for Allianz continues to be on best-in-class asset management skills and how this adds intrinsic, long-term value to properties and its European portfolio; over the past few years, the firm has successfully managed similar projects in the historical Allianz headquarters in Trieste, Piazza della Repubblica, now the DoubleTree by Hilton Trieste hotel, and in Milan, Corso Italia 23, where Deloitte Italia will move its Headquarters in 2023.
"The transformation of the Palazzo Marignoli in Rome represents the very best of Allianz Real Estate. We have repositioned an historic asset into a very modern retail and office building attracting high profile tenants and making this a destination building for the Eternal City. We focused on optimising the space while preserving its most important features,” commented Donato Saponara, Head of Transactions West Europe - Country Head of Italy, Allianz Real Estate. “Our highly sophisticated approach has again resulted in an attractive asset that tenants want, and we will continue to look for new opportunities in a market progressively focused on quality.”
Alexander Gebauer, CEO West Europe, Allianz Real Estate. “Asset management is playing an increasingly central role in the European real estate sector, particularly with regards to ESG and the need to develop existing assets in line with clear sustainability guidelines. Adding significant value to prime architectural and historic assets continues to be a strong differentiator for Allianz Real Estate, as we have seen in markets such as Rome and Milan, but also others such as Paris, with the redevelopment of Laennec Hospital or the landmark 16 avenue George V. In Amsterdam, we are currently redeveloping Droogbak, an asset considered a National Monument since 2001.”