Cushman & Wakefield successfully represented the Landlord
Cushman & Wakefield, one of the world’s largest commercial real estate services firms, acting on behalf of the Landlord, negotiated the lease agreement of the Swedish H&M in their over 5,800 sq m retail and over 1,300 sq m office lease transaction in the prestigious Váci 1 building, owned by Hungarian commercial developer Horizon Development.
Worldwide renown H&M’s new flagship store opened on three floors with their HQ offices above in the recently redeveloped UNESCO World Heritage downtown building on 26 May. As the largest unit of the fastest growing fashion retailer, the store offers the widest range of women’s, men’s and kid’s clothes, and feature a home, beauty, and extended footwear department.
Viktória Szabó, Partner, Head of Retail at Cushman & Wakefield Budapest commented on the success: “Having the opportunity to work on such a grandiose transaction was a great privilege for us, considering this highly protected, landmark building and the strong market position of H&M worldwide. We strongly believe that H&M’s opening is an extremely positive sign on the market. It will not only further develop the already beautiful shopping area of downtown Budapest, but will also serve as a great example for other well-known retailer groups to follow.
Attila Kovács MRICS, managing partner of Horizon Development added: “We are extremely happy to host H&M’s largest European store in our stunning historic downtown building. The fact that this store will offer the largest variety of H&M’s fashion, home and beauty goods in the country is yet another guarantee for this location to attract an exceptionally high number of customers and visitors. We are confident that H&M will be highly satisfied with this new location and the technical quality of the property we developed and continue to manage.”
Horizon Development purchased the building in 2015 and immediately started the redevelopment works both on the retail and office interiors. The complete makeover of the landmark building, the former home of the Budapest Stock Exchange, finished at the end of May.