SEB Asset Management has signed a 15-year lease with the Hungarian government for 6,100 m² of space in the Central Udvar office building at Wesselenyi Street 16 in Budapest. The government will make the space available exclusively to the United Nations Children’s Fund (UNICEF). UNICEF is planning to set up a new Global Shared Services Centre in the building, bundling a large part of its global financial and human resources activities.
Around 350 employees will provide a variety of administrative services such as invoice processing and IT services for all UNICEF offices worldwide from Budapest.
This leasing success means that SEB Asset Management has signed the largest new lease on the Budapest market in the year to date. AddVal and DTZ acted as leasing agents. AddVal played a leading role in supporting SEB Asset Management during the lease negotiations and was also responsible for planning the rental space and the office fittings.
The four-building complex is in a prominent location in the middle of Budapest’s historic old town and has around 16,600 m² of rental space. In 2013, one of the four office buildings was converted into a high-quality hostel, since it had been standing vacant. SEB Asset Management signed a ten-year lease with the operator Maverick Hostel for the 1,370 m² of rental space in September 2013.
After a major tenant moved out of the office complex last year, the building underwent extensive modernisation. Among other things, structural alterations were made to the inner courtyards and the entrance halls and a new facade was added. Following this, the building was repositioned on the market under the name “Central Udvar”, a move that has been highly successful.
The property will be over 90% let once UNICEF moves in. Other new tenants include well-known companies such as GfK, the economic research company, and advertising agency McCann Erickson, who in total account for over 2,000 m² of space.
Source: SEB Asset Management