Construction commenced on GTC Hungary’s latest office development project. GTC White House is going to have a GLA of 21,500 sqm and is expected to be completed by end-2017. Concurrently, GTC Hungary will carry out a full interior refurbishment and technical reconstruction at Duna Tower Office.
GTC White House’s building permit came into effect on July 15, 2016. Swietelsky Hungary was named as the contractor for the deep foundation and basement works for the project, and GTC appointed international real estate agencies Cushman & Wakefield (C&W) and CBRE to serve as joint exclusive letting agents for the building.
GTC White House’s design incorporates and renovates the 100-year-old building of a former elevator factory (Schlick Felvonógyár) to create a modern office space of approximately 2,000 sqm in a unique working environment. The preserved historic building will be integrated into the whole of the new 21,500 sqm Class A office complex, which will be built to a LEED Gold environmental standard. Each floor will offer 2880 sqm of office space. A few minutes from two metro stations and tram line No. 1, GTC White House will have underground parking for 299 vehicles, over 150 bicycle stands, and shower suites.
GTC White House enters a reviving Budapest office market. Overall market vacancy rate currently stands at 10.3% from the low point of 22% in 2012. Following the 2008 downturn, construction of new office buildings in Budapest came to a halt (in 2009, 300,000 sqm was inaugurated, but dropped to practically zero in 2012-2013). Evidence of the new, positive trend is the approximately 80,000 sqm that will be made available in the capital this year, representing a growth of 42% over Q1 of last year.
GTC White House
Duna Tower Office, which was purchased by GTC in one of the biggest single asset office building acquisitions of 2015, will also be renewed. The interior refurbishing of 3,000 sqm of community areas and the full technical reconstruction of Budapest’s highest office building started in July. The remodeling of the 16-storey tall building, which offers a total of 31,500 sqm gross leasable area, is scheduled to finish in mid-October.
KÖZTI Architects & Engineers won the tender to recreate the lobby and to refurbish the cafe, the cafeteria, the terrace and the garden. The building’s air-conditioning system will be renewed, as will other technical installations, at a total cost of 2 million euros. To make the project as short as possible and to cause the least disturbance to tenants, work is being carried out over the summer. GTC Hungary has also launched a street food court next to the building.
Duna Tower Office (Photo: MTI / József Balaton)
With GTC White House the Hungarian subsidiary of Warsaw's Globe Trade Centre S.A. extends its entire domestic office portfolio to 140,000 sqm. GTC Hungary also owns Budapest’s tallest commercial office building - Duna Tower, Center Point - the capital’s largest office complex, GTC Metro and the Spirál Office Building.
Globalworth announced the signing of a lease agreement with B+N Integrated Facility Services, part of the international facility management company LIWO Group, which operates across nine European countries. B+N will occupy approximately 1,500 sqm of office space in Green Court D, Globalworth’s newest development in Bucharest, currently under construction in the Aurel Vlaicu area and scheduled for completion in 2027.
UDH, one of Poland’s largest distributors of premium imported beers, has leased approximately 1,400 sq m of modern warehouse and office space at the Park Rysy Kraków distribution centre. The tenant, which has chosen to expand its operations in southern Poland, was once again represented by AXI IMMO.
Golden Star Estate has secured a long-term lease agreement with global technology solutions and consulting provider C&F for nearly 1,900 sqm of office space at the Konstruktorska Business Center. Following the transaction, the property, located in Warsaw’s Mokotów business district, is now almost fully leased. The Polish branch of C&F will officially relocate to the facility at the beginning of 2027.
New appointments
Indotek Group has announced the appointment of Diederik Bakker as Group Chief Investment Officer and Group Head of Asset Management. In his new role, the Dutch real estate investment professional will gradually assume responsibility for the company's ITAM (investment, transaction, and asset management) activities across 12 European countries, supporting the next phase of Indotek Group’s growth. His focus includes facilitating sound investment decisions across Europe and developing a group-level portfolio management strategy that combines local market knowledge with international asset management know-how.
Peakside Capital Advisors has appointed Bogi Gabrovic to advise the board and support its investment and acquisition activities in Poland. Gabrovic brings more than 25 years of CEE real estate experience to the role, having previously held senior executive positions at CTP, Golub & Company, and White Star Real Estate, where she managed transactions exceeding €2 billion.
Katarína Brydone, Jana Vlková and Vendula Maršová have been appointed as the first Equity Partners of Colliers’ Czech business. Brydone brings more than 20 years of experience in international real estate. Vlková has more than 25 years of experience in commercial real estate. Maršová, Partner and Head of Valuation and Advisory Services, brings more than 16 years of experience in real estate valuation and advisory.
Polish developer Refield is set to open a retail park in Sanok on 19 November 2026, marking the completion of the largest project in its portfolio. The scheme, located in the south-eastern part of Sanok near the bypass and national roads 28 and 84, offers approximately 23,000 sqm of gross leasable area and is fully let ahead of opening. A Castorama DIY store is being developed on an adjacent plot and is due to open in spring 2027.
MLP Group ended the first nine months of 2026 with its strongest financial results to date. Group revenue rose 27% year on year to PLN 390.3 million (€91.2 million), while rental income grew 34% to PLN 231.3 million (€54.0 million). EBITDA before revaluation reached PLN 195.0 million (€45.6 million), up 22% year on year. Net profit for the period was PLN 165.2 million (€38.6 million), an increase of 84% year on year. The gross asset value of the portfolio stood at PLN 7,668.7 million (€1,756.0 million), up 16% since 31 December 2025, while net asset value reached PLN 3,377.5 million (€773.4 million).
M Core has completed two acquisitions in Romania: Retail Park Hunedoara and the CUB portfolio, which comprises one retail park and five Penny stores, each with an adjoining retail gallery let on long leases. Retail Park Hunedoara has a diversified tenant mix serving a local catchment, while the CUB assets are held on long leases.
Property Forum is a leading event hub in the CEE real estate industry with over 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Warsaw, Budapest, Bucharest, Bratislava, Prague, Zagreb and Sofia, amongst other locations.
I have read the Privacy Policy of International Property Network Inc. and I consent to International Property Network Inc. sending me newsletters and managing my personal data provided for this purpose.
