Record year for JLL’s Tenant Representation department
January 28, 2016
In 2015 JLL’s market leader Tenant Representation department closed a record year as it took part in more than 50,000 sq m office space lettings reaching a 33% market share in the consulting market.
The biggest office search of the JLL team, representing a Nordic telecommunications company, was closed last year and it consisted of two transactions: a medium-term contract extension at the tenant’s current location and the search for a 20,000 sq m built-to-suit headquarters for the company’s research and development center. The JLL project management department is actively involved in the latter project, and continues the work in the construction period as well. The new center will be handed over in 2017.
The second largest project of the JLL Tenant Representation team was a 10,000 sq m contract extension at Graphisoft Park on behalf of SAP. The IT company expand their Hungarian subsidiary with new departments, and mainly their software development department is growing dynamically.
Unisys decided to extend their contract in West End City Center, on 5,100 sq m. Since the location was priority for them, they chose their current office, which will be fully renovated and further expansion is expected due to the company's anticipated growth.
In 2015 Roche renewed their contract on 2900 sq m in Terrapark. The cooperation between the pharmaceutical company and JLL is more than a decade old, and for the first time, besides the JLL office Tenant Representation team, the Project Management team is also actively involved in the redevelopment of Roche’s office space.
JLL advised AIG during their renegotiation of their 1,700 sq m office lease at Capital Square office building. The company moved to Capital Square in 2012, in cooperation with JLL, and in 2015, following a detailed market and financial analysis, decided to stay at the current location, voted for the extension of the expiring lease agreement and the renovation of the office areas.
MetLife also decided to stay in their current office location and extended their 1,700 sq m office contract in Duna Towers. The insurance company occupies the upper floors of the building with a unique panorama of Budapest. The JLL Project Management department supervises the reconstruction of the office space. This spring, Philip Morris, the international tobacco company relocates from Fót into their new offices in Kálvin Center. They chose a 1,500 sq m space in the downtown office building with a terrace, and the interior design is executed by the JLL Project Management team.
McCann Erickson also decided to relocate to another office building, Central Udvar, last year. Due to the dynamic, youthful environment, the downtown location and the modern, customized design that matches the profile of the advertising agency, they are among the nominees of the „Office of the Year 2015" competition.
Maria Starmann, National Director of Tenant Representation at JLL, said: „In 2015 JLL’s Tenant Representation department represented their clients in more than 50,000 sq m of office space transactions. There are many tenants in Budapest today, with whom over the past 15 years we have carried out several office searches. Our clients’ continuous trust and the numerous successfully closed transactions are the biggest recognitions of our work. We hope to be able to help more and more clients in the development of their real estate strategy by helping their corporate decisions to streamline their property portfolios, may it be about the renegotiation of their existing contract or the finalisation of their lease conditions during their moving to a new office location."
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