Cushman & Wakefield closes two major office lease renewals (HU)

Cushman & Wakefield (C&W) has recently concluded two major office lease renewals with two large multinational corporations in Budapest totaling nearly 18,000 m².

C&W represented a major American bank in their office lease renewal on approximately 10,000 m² in River Estates Office Building owned by S IMMO in the fast developing Vaci corridor business area.

The other major tenant was a world's leading mobile service provider who have also renewed their existing office lease on circa 8,200 m² of office space in Arena Corner Offices, Budapest owned by Orco Endurance Fund.

Commenting on the firms recent successes Gergely Pados, Partner, Head of Office agency at C&W Budapest stated: "After surveying the market and analyzing various alternatives we have managed to secure both of our large corporate clients on long term leases at two high quality and successful office buildings in Budapest.

"These are two large key transactions for the Budapest office market in 2012, and provide confidence to the market given that these two large occupiers have now committed to Budapest and Hungary for the long term."

The nearly 20,0000 m² River Estates office building built in 1997 is located on Váci út, and benefits from excellent accessibility by car and metro access (M3), which is approximately 50 meters from the building.

Arena Corner Office Building extending to circa 24,200 m² is situated in the sport and business hub of the city. The new development faces the Budapest Sportarena and Puskas Stadium. Arena Corner is well supported by public transportation and the building can be reached via Hungária körút and Kerepesi út from the city center.

Cushman & Wakefield is the co-exclusive office leasing agent of Arena Corner Offices.

Source: Cushman & Wakefield

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