CA Immo and Morgan Stanley have signed the prolongation of a long-term lease agreement for around 20,000 sqm in Budapest-based Millennium Tower office buildings I-III.
The lease prolongation, which includes an additional 1,700 sqm expansion, is the largest rental renewal transaction in Budapest within the last five years.
Cushman & Wakefield acted as agent and advisor on the deal on behalf of Morgan Stanley.
With the newly signed lease, Millennium Tower has an occupancy rate above 90%. The project has a total leasable area of around 70,700 sqm.
“To make sure our buildings meet the high requirements with regards to the well-being and healthy productivity of our tenants, we're constantly improving and refurbishing both their interiors and their surroundings. We are pleased that the recent renovation of Millennium Tower I and the opening and revitalization of Millennium Park have been very well received by our tenants,” says Judit Varga, Managing Director of CA Immo Hungary.
At the end of 2023, CA Immo's Hungarian portfolio consisted of eight office buildings in Budapest with a total lettable area of around 180,000 sqm and a book value of around €380 million.
