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edition 5 (220)
May 2017
Office & mixed-use development

Busy spring at HB Reavis

Busy spring at HB Reavis
Construction work has already begun on the Agora office complex in Budapest

POLAND/HUNGARY HB Reavis has received planning permission for its Agora office complex in Budapest and has already started with the construction work. Five office buildings, which are to be built in several stages, will offer over 136,000 sqm gla including 11,000 sqm of retail space.


The first building to be constructed will be Agora Hub with eight storeys and 34,500 sqm gla. The building will include a 2,500 sqm of co-working space, which will be managed by HB Reavis subsidiary HubHub. The complex, which is to be completed in 2023, has been designed by UK studio Make Architects and Finta Studio from Hungary. “We envisage this project to be a natural focal point of the city. The language of the architecture aims to be timeless and modern, but is rooted in the rich vernacular of Hungarian architecture through its materiality,” said Florian Frotscher, of Make Architects. The project is aiming to achieve a BREEAM certification of ‘Outstanding’ and a WELL certification (measuring the building’s impact on human health) of ‘Platinum’.

GBC still proving popular

In Poland, however, HB Reavis has signed up Euronet Polska as a tenant for its its Gdański Business Center (GBC) at the border of Warsaw’s Śródmieście and Żoliborz districts. The company is to move its headquarters and lease an area of 3,380 sqm in the complex. “Gdanski Business Center will provide the company with a comfortable and healthy working environment, with easy access by public transport and many amenities on its doorstep. We are certain that Euronet’s employees will appreciate the unique location of their new office and take full advantage of the greenery and the wide range of amenities to relax during and after office hours”, says Grzegorz Strutyński, a board member of and the commercial director at HB Reavis Poland. Euronet Polska is part of Euronet Worldwide, an international company in the market for processing secure electronic financial transactions and also the owner of the largest ATM network across Europe. Euronet has now been operating in Poland for over twenty years and currently owns the largest independent ATM network in the country. It is also a leading outsourcing company providing ATM network management services to banks, as well as electronic payment processing. Euronet is to occupy the entire 5th floor in building 'D'. The company’s relocation is scheduled to take place around June and July 2017. “We’ve found a modern space that perfectly suits our needs. The new spacious office environment will allow us to continue with the expansion of our business, while the building’s well-connected location will increase the comfort of our employees,” says Marek Szafirski, the CEO of Euronet Poland. Euronet was represented by Cushman & Wakefield in the negotiations. This is not the only recent lease in GBC. Media research company Nielsen has increaed the size of its offices by over 2,000 sqm to 6,600 sqm in the centre, while medical company Elekta has taken up 1,800 sqm. Both companies were advised by Knight Frank. The four Gdanski Business Center buildings provide a total of 100,000 sqm of class A office space. The current tenants of the complex include KPMG, GE, Bank BPH, Provident, BGŻ BNP Paribas and insurance group Aviva.

Money and drugs

HB Reavis has leased 9,700 sqm to ATM software developer Diebold Nixdorf in another of its Warsaw projects – the West Station II building on Al. Jerozolimskie. Diebold Nixdorf is to set up its Polish headquarters in the building, which is scheduled for completion this Autumn. “Diebold Nixdorf has expanded greatly over the last ten years. Apart from a sales and services office we have also opened up shared services centres – the Global Customer Care Center and EMEA Business Services. We’ve been looking to consolidate all of these offices in one location for several years,” stated Mirosław Janik, the CEO of Diebold Nixdorf. West Station is being developed jointly by HB Reavis, Polish State Railways (PKP) and its subsidiary Xcity Investment. It will comprise two class ‘A’ buildings (the first of which opened last Autumn) with a total of 68,000 sqm of leasable space. Other tenants include subsidiaries of PKP, Atal, Coface, Panalpina and Office Hub. The project has BREEAM Interim certification with a rating of ‘Excellent’.

Additionally, Pharmaceutical company AstraZeneca has signed a lease renewal with HB Reavis for nearly 7,000 sqm. The company has also taken an additional 6,200 sqm in the Postępu 14 office building in Warsaw, which was developed by HB Reavis. AstraZeneca was represented by JLL throughout the negotiations. “At AstraZeneca, employees are our greatest asset, which is why we decided to relocate to Postepu 14 two years ago, since this location offered us the best conditions to build a modern and employee-friendly office. The previous year has proven that we made the right choice” says Andrzej Pelczarski, a hub manager at AstraZeneca.

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