PwC Hungary, Kővári Tercsák Dentons Europe, BCCH, CBRE, St. Andrea Bor és Gasztro Bár
Although the original house was built in 1893, it was not classified as a historic monument. Nevertheless, the facade of the new office building will be kept intact and will be restored to its original design, while the interior of the building was torn down and a state-of-the-art, 7-level office and a 5-level parking garage will be developed.
The cast iron courtyard structure inside the building was dismantled, and then will be reconstructed after renovation; the elegant main stairway is preserved.
The current occupancy of the new office buidling is app. 70%, thanks to the pre-lease contract with PricewaterhouseCoopers.
The Eiffel Palace office building is located adjacent to Nyugati tér, in the heart of the central business district of Budapest (District V). The most of the jurisdictional, as well as governmental buildings are in close vicinity.
The access is exceptionally easy both by public transportation and by car. The building is sitting on Metro line 3, and other lines of trams 4 and 6, trolley-buses 72 and 73, and buses 6, 26, 26A, 91 and 191, as well as the Western Railway Station in Budapest, through which several thousand people commute to work from all around Budapest day-to-day.
The office building is easily accessible by car from both Pest and Buda.
Heritage protected Eiffel Palace – originally constructed in 1893 – was sold twice within the last three years, both times at the best yield in the Hungarian property market. The National Bank of Hungary (MNB) purchased the building directly from the developer (Horizon Development) three years ago in August 2014 at a price of €45.3M, with an approximate yield of 6.5%, and resold it in August 2017 to Luxembourg-based Corpus Sireo Real Estate investment fund for €53.8M, at a yield around 5%, generating an almost 20% profit on the deal.
The London Marriott Hotel Grosvenor Square was home to the European Property Awards Gala Dinner held last Thursday, attracting over 500 guests from across Europe. Váci 1 and Eiffel Palace, Horizon Development’s two redeveloped heritage buildings – both designed and built by DVM group – scooped up three amazing awards at the event.
The elegant and sustainable prestige office building in CBD Budapest proved to be the best in two categories at the Office of the Year 2014 Competition.
Horizon Development managing partners Attila Kovács and Balázs Czár were called on stage multiple times last week at the 5th Office of the Year Awards Ceremony.
The prestigious downtown office building, Eiffel Palace, received triple recognition last week at the FIABCI Hungary Prix d’Excellence Awards Ceremony. The competition and the event were both held by the Hungarian FIABCI Chapter and the Hungarian Real Estate Association, and endorsed by Mr. Zsolt Füleky Deputy Secretary of State for Architecture.
CBRE Hungary, the local affiliate of the world’s largest property advisor signed a long term lease contract in one of the most prestigious office buildings in Budapest. The company will move its head office to Eiffel Palace in Q1 2015.
Vazul Tóth is head of Business Transformation at Vodafone Hungary and the chairman of the British Chamber of Commerce in Hungary (BCCH), in which capacity he entered into an agreement with irodakereso.info. We talked, among other things, about our cooperation, the expectations of British companies and why BCCH and the British Business Centre decided to rent offices in Eiffel Palace.
The exclusive and sustainable Budapest downtown office building welcomes new tenants from both the office and retail sectors, further diversifying its high-quality tenant mix and increasing the range of its in-house services from Q4 2014.
Developers have been very active in the Warsaw and Prague office markets in recent years. However, these leading CEE markets are victims of their own success as concerns over vacancy rates are causing developers to re-consider the Budapest and Bucharest office markets. Further, Belgrade offers development possibilities in a city with very limited office provision and Croatia is expected to undergo an economic upturn that could increase office demand in Zagreb.
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