A New Chapter in Budapest: Exchange Palace Building Works to Start

Tippin Corporation selects JLL&CBRE as the Co-Exclusive Agents for Exchange Palace

March 07, 2018

Exchange Palace, the iconic former Budapest Stock Exchange building owned by Tippin Corporation, will start the extensive restoration works in Q4 2018, with a view to releasing the first completed areas to the market in Q2 2019.  Exchange Palace is widely expected to become Budapest’s number 1 office building, and will also offer a large amount of retail space, with a view to creating a destination location within Budapest’s city centre. The owner, Tippin Corporation, has commissioned CBRE & JLL as the co-exclusive agents on the property. 

The entire building will extend to circa 32,000 sq m and offer circa 24,000 sq m of prestigious Office space, and circa 8,000 sq m of desirable Retail space. Exchange Palace will be completed in 4 Wings, with the first Wing (Nador Wing) being completed in Q2 2019, and offering circa 6,000 sq m of Office space. Thereafter the Landlord will complete and release further Wings, and will have the advantage of being to react to the market and provide larger areas for bigger tenants as needed.  

“Exchange Palace is not just another building, it is a part of Budapest’s rich history, and a part of Budapest’s architecture. We are honoured to be able to rejuvenate this building, and refurbish it to in such a way that it will serve modern day occupiers in an optimum capacity, and re-create its purpose in Budapest.” Michael D. Tippin President & CEO of Tippin Corporation stated.

David M Johnston MRICS Senior Director, Head of Advisory & Transactions at CBRE Hungary added: ‘’It is an absolute privilege to be given this opportunity to represent one of Hungary’s most iconic buildings. Exchange Palace is a defining building in Budapest, and we will be targeting tenants who require high-levels of prestige and location, which are the extraordinary characters of Exchange Palace. Exchange Palace is more than just an office building, as there is a long-term stewardship element for Tippin Corporation to achieve, to ensure the property will act as an inspiration for future generations.”

dr. Peter Würsching MRICS, Head of Leasing at JLL said: “We are delighted to continue leasing of this unique building and start working co-exclusively with CBRE on this property. We truly believe that upon completion of Exchange Palace this landmark building will be the most desirable property in Budapest. The success of the project is further reinforced by Tippin Corporation engaging the services of world renowned architects, the New York based Beyer Blinder Belle with references such as the refurbishment of the Empire State Building and the Grand Central Terminal, and international engineers of ARUP. We are excited to be part of this project, which will create not just the most desired prime office building refurbished under monumental protection in the Central Business District but a community destination property in a downtown location.”