Cushman & Wakefield the world’s largest privately held commercial real estate services firm has been appointed by J.P. Morgan Asset Management as Property Manager for a Budapest office portfolio totalling in excess of 43,000 sq m of quality office space. The portfolio is comprised of Margit Palace and Terrapark and owned by institutional investors advised by J.P. Morgan.
In addition to the Property Management appointment, Cushman & Wakefield has been named as the exclusive leasing agent across the portfolio which includes 26,215 sq m at Terrapark (Buildings A & B) and the 17,227 sq m Margit Palace office building.
Terrapark is a category ‘A’ office park located on the periphery of Budapest, in Budaörs and constructed in 1999. Major international occupiers include Johnsson Diversey, Roche and Invitel.
Margit Palace is an exclusive ‘A’ category office building located close to one of Budapest’s busiest bridges, the Margaret Bridge. Margit Palace is 90% occupied by tenants including Getronics and Avis.
Cushman & Wakefield, which has operated in the Hungarian market for 20 years, currently manages over 760,000 sq m of commercial real estate on behalf of various leading institutional investors. In 2012 the firm was responsible for transacting a record 67,000 sq m within the office sector.
Zoltán Scharek Partner, Head of Property Management said: “The addition of the J.P. Morgan-advised portfolio in Hungary is significant given the scale, and follows recent appoints from J.P. Morgan in Portugal and France. We will be providing enhanced services to the tenants whilst driving efficiencies in the buildings operation. The leasing team will also be securing new tenants for the current vacant areas.”
Peter Schlaich of J.P. Morgan Asset Management – Global Real Assets added: “After several years of owning this portfolio, we have appointed Cushman & Wakefield as the new property manager and leasing agent to enhance the performance of these assets in an increasingly challenging environment.”
J.P. Morgan Asset Management is part of JPMorgan Chase & Co. (NYSE: JPM), a global financial services firm with assets of $2.3 trillion.