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News Release


Another downtown asset sold by JLL

Budapest, August 11, 2015 – A former music club located at 15 Sas Street in the city centre of Budapest, has been sold. The Hungarian investor was represented by the international property consultant JLL during the acquisition of the previously Italian privately owned property.

The historically protected monument, located in the immediate vicinity of St. Stephen's Basilica, has approximately 3,100 sq m net internal area. The original two-floor, high roof building was built in 1812 for residential purposes. The building, which enclosed the courtyard, was rebuilt and expanded several times. Its present shape dates from 1995. During this last reconstruction the building was skeletonized, only the main walls remained, and new slabs and roofing were put in. According to the current plans, the building will be used  as headquarters office of the owner. 

Rita Tuza, Head of Research at JLL Budapest said: „The investment market is getting momentum in Budapest and there has been an increasing interest in premium location, downtown properties. Utilizing these buildings is very easy and in the recent past we have seen many examples to downtown real estates functioning as hotels, music clubs, or even as offices after the proper reconstructions. Several empty, large-area properties were sold recently in the 5th District.” 

„We have been cooperating with the investor for a long time in finding a downtown property which is suitable for a headquarters office. The property located at 15 Sas Street has been proved to be suitable for them, both in its size and location. Thus, after the technical due diligence implemented by the PDS division at JLL, the transaction was closed quickly” - added Marcell Szotyori-Nagy, Associate Director at JLL Budapest.