He will pay Palazzo Marino an annual rent of 3.6 million euros: more than 20 thousand per square meter
May 6, 2024
Tiffany wins the auction of the the municipality of Milan for the granting of a shop of over 174 square meters in the Vittorio Emanuele II Gallery. The American luxury jewelery house will pay a tribute to Palazzo Marino annual rent of 3.6 million euros for the concession, for a value of 20,600 euros per square meter. The auction took place on Monday in the Real Estate Heritage Area and concerns the boutique, now under the Swarovski brand, overlooking the Octagon. Among the ten luxury brands that qualified to participate in the public procedure, after 27 raisesthe jewelery maison closed the tender: its offer multiplied by more than seven times starting price set at 506 thousand euros. The auction recorded the highest number of participants among those held so far by Palazzo Marino for the Gallery premises. The mechanism of the enchantment was introduced by the Municipality in 2019 for the renewal of the concessions of the most prestigious spaces of the Milan Living Room, that is, the shops overlooking the Octagon and the first three adjacent windows on the four arms of the Gallery. So far they are five shops were awarded through this type of procedure: Armani, Fendi, Dior, Santoni and Loro Piana.
