5 Office Transactions at MOM Park Towers, Budapest
November 4, 2015
Cushman & Wakefield, exclusively representing the Landlord, who own the Grade A MOM Park Office Towers complex in Budapest, have successfully closed 5 deals extending to circa 2,000 sq m of office space. The transactions include 3 new tenants entering the scheme and the successful retention of 2 key tenants. The vacancy rate has decreased to 7.50%.
The largest transactions were renewals to existing tenants VFT (an IT Services Company) on 555 sq m and Vertis (Environmental Commodities Broker) on 423 sq m.
The other transactions comprised, new leases to new tenants, namely Wolf & Partners (Trading Company) 314 sq m, OrienTax (Tax Advisory Firm) and Venodia (a Holding Company) acquiring 383 sq m and 135 sq m respectively.
David Johnston MRICS, Head of Office Agency at Cushman & Wakefield commented on the success: “MOM Park Towers has always performed well, even during the recession, however the volume of transactions we have closed recently far outperforms the sub-market, despite the recovery in the occupier market as a whole. We are in detailed discussions with other parties for existing and vacant space, and I am confident we can improve on the already impressive 7.50% vacancy by the end of Q4 2015.’’
The 11,500 sq m A category MOM Park Towers office complex, is located in Budapest’s 12th district close to Déli railway station and in the core catchment area of motorways M1 and M7.
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.
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