C&W has successfully represented ESAB in their 2,320 sq m office lease renewal which includes a 500 sq m expansion at Eiffel Square office building, Budapest, developed and owned by Europa Fund & ConvergenCE.
ESAB, the world's largest producer of welding equipment, consumables and automation equipment as well as cutting machines and systems, has seen its SSC office at Eiffel Square grow in size over the last 3 years – hence the need for the expansion area, which ESAB will move into in early 2015.
Bálint Bacsó, SSC Director at ESAB Europe: “Both the flexibility and competitiveness of the Landlord and the location of the building helped our decision to renew our existing lease contract at Eiffel. We are greatly looking forward to growing our business further, and taking occupation of the new office space in 2015.”
Csaba Zeley, Director of Asset Management at ConvergenCE added: “We are delighted that ESAB chose to stay in Eiffel Square and they remain one of our key tenants in the building. This transaction clearly demonstrates Eiffel Square’s continuous success, the company’s commitment to the Hungarian market for the foreseeable future, and we are delighted to be a part of that commitment. We are confident that ESAB will be satisfied with their new office area and look forward to continuing our exceptional working relationship with ESAB.’’
David M Johnston MRICS, Head of Office Agency at C&W in Budapest commented on the deal: “After an exhaustive search of the wider market ESAB elected to renew and expand at Eiffel Square – owing to the tabled financials and the fundamentals of Eiffel Square - which are the perfect fit for them and their business needs. We are seeing sustained momentum being gained in the Budapest office market, as it recalibrates away from being ultra-tenant favourable - and transactions like this further solidify the active component that SSC’s are playing in Budapest’s road to recovery.’’
The 23,500 m2 Eiffel Square office building is considered to be one of the leading office investments in central Budapest, due to its excellent location, quality of construction and management and full occupancy. With excellent access to public and private transport networks, the office building also contains retail and restaurant units. The site also features a landscaped urban park, which has become a popular local attraction.