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Work on Exchange Palace to start

Alex Hayes 08 March 2018

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Work on Exchange Palace to start
Exchange Palace will comprise around 22,000 sqm of office space

HUNGARY The former Budapest Stock Exchange building co-owned by Canadian developer Tippin and Luxemburg-based Optimum Fund Management, has been granted a final building permit, which will allow for reconstruction and redevelopment work on the building to begin.

Exchange Palace will comprise around 22,000 sqm of office space, and about 8,000 sqm of retail. The redevelopment of the first of four wings (the Nador Wing) will be delivered by the end of 2019.

The design for the redevelopment is by US-based architectural Beyer Blinder Belle, and global engineering firm ARUP, while the general contractor is to be LAKI. JLL and CBRE have been appointed as the co-exclusive leasing agents.

David M Johnston, the head of advisory and transactions at CBRE Hungary stated that: ‘’It is an absolute privilege to be given this opportunity to lease one of Hungary’s most iconic buildings. We will be targeting tenants seeking the most prestigious business address in Budapest. Exchange Palace is unquestionably the most important landmark project undertaken by an international developer in Budapest since Gresham Palace (Four Seasons), also stewarded by a Canadian. We are delighted to support Tippin in the successful rebirth of this exquisite Hungarian landmark.

Peter Würsching, the head of leasing at JLL said: “We truly believe that upon completion of Exchange Palace this landmark building will be the most desirable commercial property in Budapest. The success of the project is further reinforced by Tippin Corporation engaging the services of world renowned international architects and engineers, supported by the best in class Hungarian professionals. We are excited to be part of this project, which will create not just the most desirable prime office building in the Central Business District, but a beautiful community destination on Liberty Square.”


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