Celanese and Citibank choose Promenade Gardens office building owned by Erste Real Estate Fund
June 4, 2018
Anchor tenant Celanese was the first to move into just completed Promenade Gardens office building last week, now occupying their new 4,200 sqm headquarters. They will soon be followed by Citibank Europe, as the Hungarian Branch Office of the global bank is setting up its new 8,000 sqm Budapest office from 1 December in the A+ category property owned by Erste Open-Ended Real Estate Fund and developed by Horizon Development.
Top management offices and the Citibank Service Center Budapest (established in 2005) will be taking the entire 4th and 5th floors of the most technically advanced office building on the Váci corridor. A 90 sqm bank branch on the ground floor also complements Citi’s service range within the building.
Attila Kovács MRICS, managing partner of Horizon Development welcomes the tenant in the building: “We feel privileged to have been chosen by Citibank Europe to set up their operations in our building, with the mission of providing a wide range of world-class products and services to large local corporations, SMEs, multinational clients, financial institutions and the public sector. To create quality workspaces for close to 1,100 Citi employees who will regionally support the areas of Technology, Operations, Finance, and Risk & Control was a great responsibility and beautiful design mandate for us.” The developer also revealed the reasons behind Citibank Europe choosing Promenade Gardens: “The top technical quality of the building, the flexibility and professionalism of the interior designers who participated in the project, the excellent visibility of the Váci front façade, the dual environmental certification of the property, as well as its ease of access by public transportation and car all contributed to Citi’s ultimate decision to move to Promenade Gardens.”
Kata Mazsaroff (Director, Head of Occupier Services at Colliers International) shed further light on Citibank Europe’s Hungarian office choice: “It was a prerequisite for our Client to come to an ideal solution for merging their 3 business units previously seated at different locations. They found a cooperative and experienced partner in Horizon Development when it comes to catering to the special fit-out needs of highly secure banking operations. Citi will experience the elegant and generous use of space in the common areas of Promenade Gardens, which is both unique and exemplary in the Hungarian office market. When we step into the grandiose lobby with a clear height of 5 meters, we immediately feel a sense of airiness, together with the visual impression and design choices of a sophisticated 5-star hotel. Internal height within the Citibank Europe office area will also be one-of-a-kind in Budapest: the 305 cm clear distance from raised floor to suspended ceiling will make even denser seating arrangements feel spacious. With our Client’s highly positioned wellbeing agenda and employee-friendly mentality, all sustainable features incorporated into Promenade Gardens were also embraced, be it the secure internal garden with water feature, the complex infrastructure for those arriving by bicycle, or all technical solutions that contribute to the building’s energy- and water efficiency.”
On behalf of the property’s owner, Balázs Pázmány FRICS, President of the Board – Head of Erste Open-Ended Real Estate Fund – commented: “We had really high expectations when investing in Promenade Gardens, which is our third major investment in the most popular section of Váci út. The Erste Real Estate Fund and Erste Euro Real Estate Fund strategy is to buy property from reliable developers that serve the interests of our investors in the long term and their sustainability is excellent. Our firm belief in Promenade Gardens being the most technically advanced office building on Váci Road with the capacity to attract prestigious companies and internationally renowned brands was confirmed again by Citibank Europe’s choice. As the Landlord, we extend our warmest welcome to Citi.”