C&W has successfully concluded two lease transactions for VTG Rail Logistics and Hervis Sports on behalf of the landlord, JP Morgan at Margit Palace, Budapest.
German-based VTG Rail Logistics acquired 337 sq m of office space and took occupation of the premises at the end of December 2013. VTG Rail Logistics is a European-wide company which specialises in rail transportation for both private and state-owned railways.
Hervis Sports, owned by Spar Austria, has acquired 400 sq m of office space. Hervis Sports is one of Europe’s leading sports equipment companies and will open a sales office at Margit Palace operational from March 2014.
Csaba Zeley, Director Asset Management at ConvergenCE, said: ‘‘After providing asset management services for JP Morgan for over six years we are delighted to welcome both VTG Rail Logistics and Hervis Sports at Margit Palace. Both of these companies demonstrate the attraction that Margit Palace can offer to tenants – both from a location and quality perspective.”
David M Johnston Associate, Head of Office Agency at Cushman & Wakefield in Budapest, commented on the transaction: ‘’Margit Palace continues to enjoy renewed interest from tenants who are looking for accessible and attractive offices in Budapest. JP Morgan remains flexible with regard to pricing and we hope to confirm further transactions to good tenants – such as Hervis Sports & VTG Rail Logistics – in the short-term.’’
The 17,600 sq m Margit Palace is situated in a pleasant environment in Buda, very close to the river Danube and about 200 meters away from Margit Bridge. The building offers modern Category A office space from ground to five upper levels, as well as 254 car spaces over two levels of secure underground car parking.
Cushman & Wakefield is the exclusive letting agent and property manager of Margit Palace.