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.
CTP Slovakia announces a new deal on 4,500 sqm space in CTPark Žilina with Albatros, an electronics and auto parts logistics provider.
The DTA Group, which specializes in customs clearance, forwarding, warehousing and contract logistics, will move to a new facility in the logistics park MLP Pruszków II. It will also double its space to close to 7,000 sqm. The facility is scheduled for handover in the second half of next year. The tenant was advised on the transaction by Querco Property.
Law firm JDP is increasing the space of its Warsaw office in North Gate to approximately 1,600 sqm. The building has recently undergone modernisation works.
New appointments
Agnieszka Baczyńska took up the position of Head of Leasing - Retail in CPIPG. She is responsible for the commercialization of retail facilities from the CPIPG portfolio. Baczyńska also manages the leasing of office space on the buildings owned by CPIPG.
Ferenc Gondi has been appointed to a new post as Country Head for CTP Hungary. He's been part of CTP's activity for over 5 years.
Barbora Jansová joined Building & Project Consultancy team at Savills Prague Office as the new ESG Consultant & Project Manager in September 2022. She will be working alongside the Head of BPC, Jan Jurčíček.
One of the most important questions among the participants of CEE Property Forum 2022 in Vienna was “Is it still safe to invest in real estate located in Central and Eastern Europe?”. The answer is positive. It is still safe, though not everywhere.
Panattoni has just completed its logistics centre in Kojetín and handed it over to multinational e-commerce company Amazon for use. It is the first fully-fledged multi-storey distribution centre in the Czech Republic and is currently the most modern logistics hall in the country thanks to its equipment and environmentally friendly approach as well as its high energy self-sufficiency. The value of the building is more than CZK 5 billion (over € 202 million). The project was financed by Accolade.
The green logistics complex VisionPark in Bratislava received the permit for construction at the end of August. The permit is for three halls with 16,000 sqm area. The developer of the new logistics park based on sustainable principles is DOAS and the leasing agent is 108 Agency Slovakia.
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