Over the past three decades, Cushman & Wakefield has experienced remarkable growth and achievements, establishing itself as the trusted name in the real estate market. From its beginnings – as Healey & Baker, with six employees – to becoming a real estate powerhouse with over 90 skilled experts, our commitment to professionalism, quality, and customer satisfaction has remained unwavering. During our journey we have overcome numerous challenges and adapted to changing market dynamics. Our ability to consistently anticipate market trends and transform them into groundbreaking solutions has set us apart from competitors.
In 1993, under the leadership of Mike Carroll and under the brand name Healey & Baker, the firm started operation in Budapest. Later, under the management of Charles Taylor the company grew from ca. 35 to 60 people, was rebranded to Cushman & Wakefield, and was accommodated first in EMKE Office Building and later moved to the prestigious Deák Palota.
Under Gergely Pados’s leadership since 2013, the company has merged with DTZ and consolidated its market leading position as the largest international real estate consultant in the country with 9 service lines and 90+ experts. Our journey has mirrored the evolution of the market, taking us from Falk Miksa to EMKE Office Building, then the prestigious Deak Palota – before our current location in Váci 1 Office Building, one of the most iconic and elegant CBD office locations.
“We are happy to celebrate this significant milestone in our company’s history,” said Gergely Pados, Head of Hungary. “Our 30th anniversary is a testament to the hard work, passion, and dedication of our talented team. We are grateful to our clients, partners, and employees who have been instrumental in our success. In 1993 this company started operating on a market, which was starting to evolve to a commercial real estate market from zero. We were there at the delivery of many 1st generation office buildings, shopping centres, the evolution of industrial spaces, and were involved in the most significant property transactions. After 30 years we can state that we were strongly shaping the real estate market, having our footprints all over the country.”
Cushman & Wakefield has been involved in 5,500 transactions, leasing 3,9 million sq m commercial real estate space, and closed 240 investment transactions transacting 4,2 million sq m space, worth € 6,3 bn. Its valuation team valued assets worth $ 150 bn.
The company’s roster of successes date back to our pioneering activities leasing and property managing the first modern, class A office building in Budapest CBD, East West Business Center, and our highlights include the turnaround, through leasing and property management, of the then underperforming 65,000 sq m Aréna Mall - the largest retail scheme in Hungary and among many other tenants, our office agency team represented Morgan Stanley in leasing 23,600 sq m in two locations.
The firm has delivered one of the largest ever industrial deals, Boxy’s 62,000 sq m build to suit transaction and advised on the largest ever logistics transaction – GLP’s acquisition of Goodman portfolio.
Our Capital Markets team enabled their client to achieve the market’s largest ever lot size for a single office transaction for Roosevelt Office Building and achieved Tesco’s operational and fundraising goals through the sale of 18 retail centres in Hungary and the Czech Republic – despite the ongoing uncertainties of the pandemic.
The Project Management service line has completed 500,000 sq m fit out projects for 250 clients, whilst the retail team introduced new brands to the Hungarian Market including Louis Vuitton, Burberry, Primark, PUPA, Under Armour, H&M, Douglas, Massimo Dutti, Vapiano, Michael Kors, Max Mara, Karl Lagerfeld, Oysho, Zara Home and many more. The Asset Services Team managed all together 1.5 million sq m commercial real estate area, entrusted by some clients for over 20 years.
Cushman & Wakefield Budapest was among the first European offices to obtain the ISO9001:2015 (then ISO9001:2008) certification in 2012. Along with 28 branches of Cushman & Wakefield EMEA, the office has obtained the ISO14001 environmental management system, reinforcing the company’s commitment to environmental protection and sustainability.
“Looking ahead, we remain committed to our core values of excellence, integrity, and innovation. With a forward-thinking vision and an unwavering dedication to customer satisfaction, Cushman & Wakefield is poised to continue leading the real estate sector for years to come.” – added Gergely Pados. Head of Hungary.
Cushman & Wakefield