MILAN-A local developer has hired the Carlton Group Ltd. to market the Quinto complex, a one-million-square-foot office fully leased by oil and gas firm ENI Group. The property is likely worth about $394 million, says Mark Gollin, a managing director with New York City-based Carlton.

He says the developer built the complex for ENI in 1991, but is getting older and wants to sell the property for his children. The lease is in place through 2024, and Gollin tells GlobeSt.com that the firm is looking to put up additional buildings at the site. The tenant just signed a $125 billion joint venture with Rosneft, a Russian firm, to jointly explore for oil and gas in the Russian arctic.

“It’s a very large asset with an excellent tenant,” Gollin says. “There’s fairly stable vacancy in the area. I mean, it is Italy, but they’ve had no significant reductions in space in the past 18 months. You’ve got a number of corporations around there, including Puma, Canon, BMW and Honeywell.”