News Article Budapest development Hungary office Revetas TriGranit
by Property Forum | Office

The first phase of the Millennium Gardens office building has opened its doors with an occupancy rate of over 90%, following an investment of €150 million from Revetas Capital for the development of the North Tower. Millennium Gardens is part of the portfolio of assets of Revetas Capital in Hungary, the pan-European real estate investment advisor that also manages 12 retail parks across the country. The project is being developed by TriGranit, which has more than 20 years of experience and has successfully implemented more than 50 landmark projects.

The first phase of the Class A+ office building has received its occupancy permit. The North Tower office building, which offers a unique panorama of the Danube and was designed by FINTA Studio using state-of-the-art architecture and sustainable solutions, is the final element of the Millennium City Center project in Budapest, developed by TriGranit and twice awarded by the FIABCI prize. The total leasable area of the North Tower is 21,600 sqm, including 18,210 sqm of net office space, 450 sqm of retail space and landscaping, and open common areas on the ground floor. The building was designed with sustainability in mind, using modern architectural solutions, in line with BREEAM “Excellent”, Access4You “Gold” certifications and outstanding ESG compliance.

Eric Assimakopoulos, Founding Partner at Revetas Capital, declares: “ESG matters become an integral part of the firm's DNA in line with our commitment to carbon neutrality by 2040. Millennium Gardens is an exemplary showcase of responsible building standards and reducing the environmental negative impact across our portfolio of assets. We are pleased to see this modern project come to life and deliver on our promise to our tenants, investors and to the community, especially during this challenging economic context.”

Millennium Gardens is the first phase of the ESG and Carbon Neutrality by 2040 strategy and aims to become a reference project from the environmental and sustainability point of view for the Hungarian real estate market. During the construction itself, innovative solutions were applied, such as technical solutions to reduce emissions and energy consumption during operation, as well as environmentally friendly materials used for the building. Contractors working for Millennium Gardens were also selected on the basis of compliance with HSE requirements, and all activities on site were closely monitored and reported on the corresponding CO2 emissions.

Millennium Gardens will open with over 90% occupancy in the first phase, a unique accomplishment even under normal market conditions. The official opening of the office building will take place on September 29 and will welcome Henkel, Fressnapf, Provident, MSD Pharma, bimGroup, HVAC and InsularTech as anchor tenants.  

“It is always a pleasure to open a new office building, but Millennium Gardens is unparalleled for us as this building is the final element of Millennium City Center. The handover of Millennium Gardens is an outstanding accomplishment for the TriGranit team! I would like to thank Revetas Capital for their trust and support in developing this wonderful building in these turbulent times,” said Tom Lisiecki, CEO of TriGranit. 

”TriGranit started the revitalization of the brownfield site of about 12 hectares in 1997 and this exceptional city centre will now be complete with Millennium Gardens. Since the real estate sector is highly exposed to the current economic circumstances, we are thrilled to have reached this milestone, have the first phase handed over, and have successfully completed a project that has been the result of many years of hard teamwork, which often felt like a rollercoaster ride and eventually welcome our blue chip tenants in the building. I would like to thank the TriGranit team for their efforts and all our tenants for their trust in us!,” said Károly Dömötör Makk, Lead Leasing Manager of TriGranit.  

The 9-floor office building features a green garden on the ground floor and a roof terrace with a panoramic view over the Danube river, which can serve as an alternative workspace and meeting point as well as a recreation area for employees and residents. On the ground floor, a 300-seat restaurant will serve the needs of employees from the upper floors and surrounding offices.