ORCO signs largest bank office lease transaction in 2008 for its Endurance Fund (HU)

Due to its continuing expansion in Hungary, Raiffeisen Bank has chosen to move its new offices to Arena Corner, owned by Endurance Fund and managed by ORCO Property Group. By leasing over 8,000 m² from summer 2008, Raiffeisen Bank will become a major tenant in the building. With the arrival of the new tenant, the occupancy level of Arena Corner will increase from 13% at the acquisition to now over 80% which is comparable to the success story of Orco Tower in Poland.

Arena Corner is a 28.000-m² category A office complex which was acquired by the Endurance Office & Retail Fund I in June 2007. This Office Sub-fund grew significantly with many commercial properties across CEE and reached a portfolio value of more than €400 million.

Arena Corner was an ideal choice for Raiffeisen Bank as it provides a modern working environment with a high level technical specification, underground parking and easy access by car and public transportation. The flexible leasing terms and economic operation of the property were also considered as major factors in choosing the building.

"We are glad to welcome such a prestigious tenant as Raiffeisen Bank to Arena Corner. This transaction proves that Arena Corner is highly appreciated among the biggest international tenants such as Vodafone or Citibank. Further negotiations are underway with further potential tenants and we plan to reach almost 100% occupancy by the end of the year," said Andr

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