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News Release


Record volume transacted by Jones Lang LaSalle Hungary

Market leader closes deals of office properties totaling 136,000 sq m

Budapest, 3rd January 2012During the last couple of years Jones Lang LaSalle have proved their position as a market leader in real estate consultancy in Hungary. Similarly to previous years, the firm’s market share on the leasing market was outstanding in 2011, but the experts of the capital market team were the real winners of last year with 8 office buildings transacted. The team of three, headed by Benjamin Perez-Ellischewitz supported by Richard Redfern and Marcell Szotyori-Nagy, was involved in every major office investment deals agreed in 2011 representing more than EUR 240 million of investments. More than 42% of all investment deals closed in 2011 was transacted with the help of Jones Lang LaSalle and the firm was involved in all the deals with real estate agency involvement. Such high market share in the capital markets is an exception.

The first half of 2011 were relatively quiet in terms of property transactions, total investment volume reached only EUR 300 million mainly on the back of the Europolis / CA Immo regional deal agreed in 2010. During the summer, the experts of the firm were involved in the acquisition of an office building occupied by Raiffeisen Bank. As expected the second half of 2011 and especially December, became extremely active with Heitman, the Chicago based real estate investment manager, closing on two significant office portfolio transactions. In the first transaction, Jones Lang LaSalle represented the seller, TriGránit, who sold a 74% interest in Millennium City Center (Towers I, II, III and Building H) to Heitman in a transaction with a total consideration of EUR 150 million. A few days before Christmas, the sale of Alkotás Point and Science Park office buildings by AVIVA, advised by Jones Lang LaSalle, was announced as the second largest property transaction of 2011.

Benjamin Perez-Ellischewitz, Head of Capital Markets of Jones Lang LaSalle Hungary said: „I am very pleased that we could finalize these transactions before the year-end. Although 2011 started slowly, the second half turned out much better than expected. With the additional last two transactions of the year the total investment volume reached app. EUR 700 million in 2011 which is the largest volume since 2007 and more than twice as much as the volume registered in 2010. Being appointed on the sale of those landmark assets in Budapest, and being able to close those transactions successfully for our clients in the most challenging macroeconomic environment of recent years, is an undeniable evidence of the combination of our professionalism, expertise and hard work .”

Ferenc Furulyás, Managing Director of Jones Lang LaSalle Hungary added: “Jones Lang LaSalle is a top player in the capital market as we have always been involved in the most significant investment transactions representing the buyer or seller.  I am delighted that we managed to close a successful year in 2011, although we had to face extremely tough conditions. Due to the market difficulties our clients rely on our expertise more and more, and I am pleased that we keep on contributing to their success.”