by Ákos Budai | Investment

GLL acquired the multi-purpose heritage building that combines retail-, office- and service functions on 13,750 sqm at Vörösmarty Square in downtown Budapest. The seller of the recently completed UNESCO World Heritage listed premium asset is Hungarian developer Horizon Development.  The property has been added to the portfolio of Bayerische Versorgungskammer and will be managed by Munich-based real estate fund manager group GLL Real Estate Partners.


The current occupancy rate of the building is 84%, with advanced negotiations for the rest of the available spaces. Váci 1 was H&M’s first choice for one of its largest and most exclusive flagship stores worldwide, as well as its headquarters and showroom. Restaurants in the building include Hard Rock Café; Szamos Gourmet Palace and the St. Andrea Wine & Sky Bar on the 6th floor rooftop (to open in spring 2017). Office tenants are H&M, DVM group and international online game developer Play’n GO.  
 
Váci 1 was originally constructed in 1915 to serve as the headquarters of the first Hungarian Bank, but was also home to the Budapest Stock Exchange. In 2016 Horizon Development’s ambitious architectural revitalization concept got implemented here, with an authentic restoration of the heritage elements of the neoclassicist palace, as well as the optimization of its modern spaces.