The well-known Swedish mammoth furniture company, IKEA signed a long term lease for its new external pick-up facility in Tulipán Park Biatorbágy, owned by Logicor. Cushman & Wakefield global real estate advisor exclusively acted on behalf of the Landlord in the lease transaction for over 5,200 sq m warehouse and over 650 sq m office and client area.
The international furniture manufacturer has requested some unique and bespoke modifications to the building in the fit out since it has to serve warehousing and commercial functions simultaneously. IKEA moved in to the facility in November 2015.. Biatorbágy is in the core catchment area of Budaörs which was crucial in terms of distance and drive time, according to IKEA’s real estate policy.
Gábor Halász-Csatári, Head of Industrial Agency at Cushman & Wakefield Budapest said: “We are delighted to have completed such a significant leasing deal in our exclusively represented industrial park. Both IKEA and Tulipán Park symbolize top of the range quality in their business and hence are a perfect match for a long-term cooperation. IKEA’s specific fit-out requirements were indeed a challenge, however we have managed to deliver a unique and tailor-made tenement for them. We are confident that both parties are satisfied with the result of the transaction.”
Bartek Mierzwiak at Logicor added: “It is a very big success for Logicor, that as a new market entrant we have secured such an important international tenant as IKEA. We hope that our flexibility and stable background accompanied with Cushman & Wakefield’s professional approach will help the remaining vacant areas to lease up quickly.”
The 29,500 sq m Tulipan Park is located on the western outskirts of Budapest at the junction of the M0 ring road and M1 motorway. The M0 and the neighboring motorways (M1 to Austria, M7 to Croatia, Slovenia) provide swift access in all directions and to all major motorways in Budapest and Hungary. The park has excellent visibility from main road 1. and is the most recently built scheme in the Western Budapest submarket.
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.