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.
Cordon Electronics, a specialist in electronics and advanced technologies, has renewed its lease agreement at MLP Pruszków II, in the immediate vicinity of Warsaw. The company will continue to occupy a total of 7,770 sqm of modern space, a footprint that includes 458 sqm dedicated to office operations.
mBank, the digital banking company in Poland, has decided to relocate its largest corporate branch in Lower Silesia to the Infinity office building in Wrocław. The company will occupy nearly 1,300 sqm on the fourth floor of the building. The tenant will move into the development owned by Avestus Real Estate and Alchemy Properties in January 2027.
GSP Global Solutions Provider has further expanded its cooperation with CTP by leasing an additional nearly 7,000 sqm in CTPark Budapest Vecsés on a long-term basis.
New appointments
Krzysztof Wróblewski (MRICS) has been named Head of Portfolio Management CEE at Peakside Capital Advisors, responsible for overseeing investments and managing the real estate portfolio. He succeeds Christopher Smith in this role.
Garbe Industrial is reorganising its senior leadership team. CEO Christopher Garbe will now focus on strategic orientation and international activities. Jan Philipp Daun assumes leadership of the Development division alongside his existing Investment and Joint Venture responsibilities. Andrea Agrusow expands her remit to include Portfolio Management while retaining control of Commercial and Real Estate Management. Additionally, Michael Marcinek and Maik Zeranski will now jointly head the restructured Development unit as Management Board Members, succeeding Adrian Zellner.
CPI Property Group is strengthening its leasing structure with the appointment of Agnieszka Baczyńska as Head of Leasing. In her new role, she will be responsible for shaping and executing the leasing strategy across the group’s office and retail portfolio in Poland. At the same time, Izabela Potrykus has been appointed Leasing Office Director. Baczyńska brings more than 20 years of experience in the commercial real estate market. Prior to joining CPI Property Group in 2022, she served as International Leasing Director at Neinver Polska.
CPI Romania concluded 2025 by strengthening its position as a key player on the Romanian real estate market, with a portfolio of 280,000 sqm of modern office space, representing 8% of Bucharest's modern stock. The shopping centres in the company's portfolio recorded an occupancy rate of 98%, while Sun Plaza Bucharest launched a remodelling process.
CEC Bank has provided €36 million financing to Veranda Obor, owner of Veranda Mall shopping centre. The facility will refinance existing exposure, support development plans and enable capital distributions to shareholders.
Join Property Forum's exclusive investment survey to voice your thoughts on crucial topics impacting the investment landscape. By donating 60 seconds of your time and sharing your perspectives, you not only contribute to shaping the future of the industry but also stand a chance to secure a free ticket to the highly anticipated CEE Property Forum 2026 in Vienna on November 23-24.
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.
