The company signed a ca. 5,000 sq m new lease in City Gate office building in Budapest.
Cushman & Wakefield represented a Global Banking Corporate when acquiring space in the currently refurbished City Gate office building owned by CA Immo. The new Tenant is planning to occupy its new premises in October 2017. By setting up its new branch, the company will be accommodated in two major locations in Budapest proving their continuous confidence in the Hungarian market.
Tamara Szántó MRICS, Associate, Head of Office Agency at Cushman & Wakefield in Hungary commented: “Advising the tenant on an acquisition in such a short timeframe with specific requirements was a great achievement which we are extremely proud of. We are confident that this new, Central Pest location is the perfect real estate solution for them and the face lifted City Gate office building will continue to serve their needs.“
Ede Gulyás, Head of CA Immo Hungary added: “The 2016 surge in occupier activity in the Budapest office market is continuing. Our strong local office portfolio both attracts reputable international companies and gives us the flexibility to meet the expansion plans of our existing tenants, many of whom are long-standing partners.“
The total GLA of City Gate office building is 25,000 sq m. With this new transaction, the vacancy of the building decreased to 39%. The owner, CA Immo started the modernisation of the building in January 2017 which will not only cover the refurbishment of the common areas, but the scheme is undergoing a complete technical makeover which will allow it to compete with younger, modern buildings on the market.