This transaction marks the sixth office building the fund has acquired from Skanska in Hungary. The deal, reflecting the dominance of domestic capital in the Hungarian investment market, is a rare acquisition of an office development from the highest strata of the Budapest office sector.
The 22,000 sqm office in the Váci Office Corridor has been leased to a global blue-chip company under a 10-year agreement. This represents the largest speculative office lease transaction in the Hungarian office market over the past decade, according to Skanska. The building is under construction and due to be completed in the first quarter of 2027.
“We are grateful to Erste for once again placing its trust in Skanska. We highly value our long-standing partnership,” says Katarzyna Zawodna-Bijoch, president & CEO at Skanska’s commercial development business unit in CEE. “The sale of H2Offices Phase II, fully leased to a long-term tenant, reflects the strength of the project and continued investor demand for high-quality, sustainable offices in Budapest,” she adds.
The project has been designed to achieve high energy performance through efficient building design and the integration of renewable energy technologies, including four-season heat pumps and rooftop photovoltaic panels. The development incorporates on-site renewable energy generation and enables the use of certified renewable electricity backed by Guarantees of Origin to support reduced operational carbon emissions, Skanska says.
The development is targeting LEED “Platinum,” WELL “Platinum,” and Access4You “Gold” certifications, reflecting its ambition to deliver high standards of environmental performance, well-being and accessibility.
“The acquisition of H2Offices Phase II is a natural continuation of our long-standing partnership with Skanska and further strengthens our portfolio of prime office assets in Budapest,” says Balázs Pázmány, chairman of the board at Erste Alapkezelő.
“The project combines an excellent location, a fully leased building with a long-term tenant commitment, and leading sustainability standards, making it an attractive long-term investment for our investors. We are particularly pleased to continue our involvement in the H2Offices development following the successful acquisition of phase I in 2023,” he adds.
Lower-carbon materials are expected to reduce embodied carbon emissions by approximately 2,200 tonnes of C02 compared with a reference building of similar size built using conventional materials. The reduction is comparable to taking around 500 cars off the road for one year. Skanska says lower-carbon materials are planned for use across most of the project, with suppliers required to provide Environmental Product Declarations to support transparency and performance verification.
Designed by Danish studio Arrow Architects, the second phase is seen as continuing H2Offices’ Scandinavian-inspired architectural concept. Together, the first and second phases will include a 3,600 sqm landscaped garden with ponds and native and adapted plant species.
“We are very pleased to have completed our sixth transaction with the same investor. Repeated transactions with the same partner are a strong testament to the trust and confidence built between us over the years. We highly value this long-term relationship and are delighted to have once again delivered a successful transaction together.” comments Adrian Karczewicz, head of divestment at Skanska’s commercial development business unit in CEE.
Once fully completed, the complex will offer approximately 67,000 sqm of office space. During the sale process, Dentons and Tandax advised Skanska.
Phoenix Pharma has expanded its warehouse capacity by 40% at East Gate Business Park in Fót (25 km northeast of central Budapest), part of Wing’s industrial’s portfolio. The development demonstrates that demand remains strong for well-located, modern industrial properties tailored to the specific requirements of pharmaceutical logistics, even in a more subdued market environment, says Wing.
With the investment, the warehouse has grown to 11,200 sqm, while storage capacity has reached 17,000 pallet positions. The expansion strengthens operational reliability, temperature control, traceability and inventory capacity, all of which are of particular importance in pharmaceutical wholesale distribution.
The development in Fót aligns with Wing Industrial’s strategy of long-term tenant partnerships. In the first half of 2026, the company says it leased close to 70,000 sqm of industrial and logistics space, 60% of which came from new lease agreements.
“Tenants today are looking for logistics solutions that can be adapted quickly, operate reliably and grow together with their business. The expansion of Phoenix Pharma in Fót reflects exactly this market need,” comments Zsófia Korda, head of Wing Industrial. “The development confirms that high-quality, well-located logistics facilities that can be adapted to specific operational requirements continue to offer a competitive advantage in the Hungarian industrial real estate market,” she adds.
Wing is an active developer and investor in Hungary in the office, industrial, retail, hotel, and residential sectors. The Wing Industrial sub-brand has a current portfolio of 310,000 sqm, including East Gate, East Gate PRO, the Login Business Park and the Airport City business parks, as well as 370,000 sqm of development potential. As a leading built-to-suit developer, the firm says it is committed to offering both standard and customized solutions for tenants.
This article was first published in the Budapest Business Journal print issue of October 2, 2026.
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