The current trend for innovative technology start-up companies searching for office spaces is, to be in downtown Budapest, in a unique and inspiring environment, plugging themselves directly into the source of the city’s vitality. ORCO has recognized this nascent movement and aligned the leasing strategy of its city centre offices accordingly. In addition to providing a flexible and wholly adjustable physical environment, ORCO also customized the house rules and regulations to reflect the different needs of today’s nimble start-up operations. It is an international trend that due to incessant growth and transformation, the office needs of start-up ventures worldwide are in constant flux which needs to be matched. Within months, headcounts may multiply, work processes may change, which call for a high degree of flexibility on the landlord’s part. With that in mind, ORCO tailored the features of Paris Department Store to the needs of the new tenant and its mostly young staff - e.g. a dedicated bicycle storage space will be built - to ensure a more inspiring, friendly and homey environment. In addition, pets will also be allowed in the building from 2014. “We began to look at new office possibilities and potentially a new location early this year.

As we looked at more and more buildings, we were increasingly sure that we wanted to work at a completely new location and in a new environment.” – said Dr. Gyula Fehér, Ustream’s Hungarian owner and founder. “We knew we needed something special and unique, a space that we can shape to our preferences, where we can be ourselves.” Ustream strives to implement an office interior that retains the Secessionist values of the building, while creating a 21st century, creative, comfortable and inspiring work environment for the company’s mostly young employees. Ustream’s search and selection of its new Budapest office was carried out with the help of Robertson Hungary, who represented the tenant during the negotiations. “Ustream’s team had a very flexible and creative approach towards the office selection. As we looked at more and more buildings, they were increasingly specific about their needs until we finally found the perfect building on Andrássy Avenue. Ustream is not the first successful Hungarian start-up to choose Andrássy Avenue.” – said Róbert Papp, Robertson Hungary’s Senior Office Leasing Consultant. “We are very pleased and honoured that we have managed to win a tenant like Ustream, which with the help of 240 professionals, broadcasts live video streaming to 80 million viewers from its five offices – San Francisco, Los Angeles, Tokyo, Seoul and Budapest.

It is a perfect match: a successful and creative company in a unique, inspiring building located in a sparkling part of the city. With Ustream moving in, the building is now 85% leased.” – said Zinaida Vojnár, Orco Property Group’s Leasing and Marketing Manager. The predecessor of Paris Department Store (commonly known as Fashion Hall), was the Terézvárosi Kaszinó (literally, the Theresa Town Casino), built in 1882 based on the architectural designs of Gusztáv Petschacher. Its first refurbishment began in 1909 when the new owner Sámuel Goldberger sought to turn it into the most modern, French inspired department store. The building is located at 39 Andrássy Avenue, equidistant from Nagymező Street and Liszt Ferenc Square on the southern side of the boulevard, which is a UNESCO World Heritage Site. The building’s façade facing Andrássy Avenue had been built in Secessionist style while the rear entrance on Paulay Ede Street is Neo-Renaissance in style. ORCO Property Group purchased the building from the Hungarian State in 2005 and refurbished it with extreme care, making preservation of this architectural gem a central priority.

The first tenant, Alexandra Bookstore opened to the public on the 10th of November in 2009. The bookstore occupies the building’s ground floor and first floor, including the Lotz Hall. The remaining five floors host loft-style, bright offices whilst the building is topped off with a roof terrace providing an extraordinary panoramic view of the city. By next summer the latest, the roof terrace will also function as a 500 m2 café area, serving the public, tenants and by then Ustream’s employees.

Orco Property Group