Skanska has agreed to sell the second phase of its H2Offices development in Budapest to the ERSTE Nyíltvégű Ingatlan Befektetési Alap, represented by ERSTE Alapkezelő Zrt. The transaction marks the sixth office building the fund has acquired from Skanska in Hungary.
The second phase of H2Offices, located on the Váci út office corridor, will offer around 22,000 sqm of leasable space. The entire building has been let to a global company on a 10-year lease, described by Skanska as the largest speculative office letting transaction on the Hungarian market in the past decade. Construction is under way, with completion expected in the first quarter of 2027.
The building is designed to achieve strong energy performance through energy-efficient systems and renewable energy technologies, including four-season heat pumps and rooftop solar panels. It will also generate renewable energy on site and allow the use of certified renewable electricity to reduce operational carbon emissions. The project is targeting LEED Platinum, WELL Platinum and Access4You Gold certifications. The use of lower-carbon materials is expected to reduce embodied carbon by approximately 2,200 tonnes compared with a conventional reference building of similar size.
"Real estate development requires foresight, so we plan beyond the completion of the building. The concept of H2Offices phase two was shaped to create lasting value for tenants, investors and the city. Securing a long-term lease for the whole building, closing a successful transaction before handover, and the continued confidence of our long-standing partner ERSTE all confirm that this vision rests on solid foundations," said Aurelia Luca, executive vice president for Hungary and Romania at Skanska's commercial development business unit. "The acquisition of H2Offices phase two is a further milestone in our long-term partnership with Skanska and strengthens our Budapest office portfolio. The project offers an excellent location, full occupancy, a long-term committed tenant and sustainability credentials that are in line with our investment strategy and the long-term expectations of our investors," said Pázmány Balázs FRICS, chairman of the board of ERSTE Alapkezelő Zrt.
The second phase is being developed to designs by Danish studio Arrow Architects, continuing the Scandinavian-inspired architectural concept of H2Offices. Together with the first phase, the complex will be complemented by a 3,600 sqm landscaped garden featuring ponds and native plant species. On full completion, the total shared outdoor area is expected to reach 5,000 sqm. The completed H2Offices complex is planned to offer around 67,000 sqm of modern office space in total.
Skanska was advised by Dentons and Tandax during the sale process. "This transaction speaks not only to the quality of the building but also to the mutual belief both parties have in the project and in each other," said Joó Boglárka, legal and transaction director of Skanska's commercial real estate development business unit in Hungary.
