News Article Budapest Codic Hungary ESG office
by Property Forum | Office

Codic Hungary, a subsidiary of the Belgian developer Codic International, has launched its new office project called Modiano in downtown Budapest. It will offer 13,500 sqm of office space with 450 sqm of retail and the handover is scheduled for Q4 2025.

Codic targets the busiest office destination in Budapest, the Váci Road corridor. The company acquired a former factory site near the Western railway station several years ago and will transform that property into a premier office complex. The total value of the project is approximately €70 million.

This will be Hungary’s first office building with the AA++ category offering the lowest energy costs available on the market by cutting energy consumption in half compared to the new office buildings in the city. Green lease will be available to reach net-zero workplace with zero carbon footprint upon tenants’ request by using green, renewable electric power. The complex is designed to meet the requirements of BREEAM Excellent Certification.

„International tenants and institutional investors are increasingly seeking truly unique assets and Modiano will meet this demand as it will be the very first office complex in Budapest with this high grade”, Kornél Kalapács, Country Manager of Codic Hungary said during a press briefing held in Budapest.

Construction has just started with the demolition of a smaller part of the old building. Codic Hungary is going to keep the art deco facade and build an energy-efficient modern upper structure. Funding is secured from the company's resources over the first phase of the works but Mr Kalapács added that a bunch of banks already have expressed their interest to finance the good part of the project.