Allianz closes on the Eiffel Square office building in Budapest
The transaction, structured off-market by JLL, is one of the largest office deal investments in CEE this year was signed in May and closed in early June. Even if several investment transactions were derailed by the Q2 lock-down in Hungary, the transaction progressed in line with the original time frame.
The prime asset delivered in 2010 is located at the junction of the CBD and the Váci Corridor on a major transport hub of the city (train, metro, tram, bus) and offers beautiful views onto the public Eiffel Park and the glass panelled roof of the Western Railway station inaugurated in 1877 and currently going through a major refurbishment. The 23,500 sq m asset is anchored by BNP Paribas Group, Dealogic, Grundfos and Agoda while Tesco, Yves Rocher, Costa Café and the private medical centre Medicover occupy the lower floor.
“We are very proud to have worked with our client Allianz Real Estate and the Seller’s team on this important transaction of the first half of 2020. This deal was structured off-market and was mainly negotiated during the lock down period. Our teams are now back in the office and we work hard to revive the dynamic of the market we had before the outbreak” commented Benjamin Perez Ellischewitz, Head of Capital Markets at JLL, who worked with his team on the transaction.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.