News Article Budapest Erste Futureal Hungary investment office WELL
by Property Forum | Investment

The acquisition of the second phase of Advance Tower located on the Váci road office corridor has been closed. With the current purchase, the entire office complex with a total GLA of over 20,000 sqm developed by Futureal Group has joined Erste Real Estate Fund’s portfolio. This is the first transaction in the Hungarian market which includes a WELL pre-qualified office building.

Both Advance Tower’s first phase with a GLA of 12,100 sqm and the second phase with a GLA of 8,000 sqm have already been occupied by tenants with almost 2000 employees. The 8-storey, Class A office building has been chosen by prestigious companies such as APEX, KPMG Global Services consulting company and Thermo Fisher Scientific, the world’s leader in serving science. The transaction of the first phase of Advance Tower was completed in April last year that was followed by the purchase of the second phase in December.

Advance Tower has been awarded BREEAM certificates and the office complex has been designed and will be operated according to the WELL Building Standard. Futureal Group is the first European property developer with three projects receiving WELL Platinum Precertification at the same time. The purpose of the WELL certification is to create office buildings that, in addition to protecting the environment, have a beneficial impact on employees’ health, well-being and comfort. Washington-based International Well Building Institute’s system examines buildings’ impact on the human body, health and wellbeing, rating them based on 7 categories – air, water, opportunities for healthy nourishment, natural light, fitness, comfort and mental freshness.