Cushman & Wakefield takes over Krisztina Palace


Real estate advisor Cushman & Wakefield (C&W), following a formal and competitive tender process, was awarded the Property Management mandate for Krisztina Palace (in Budapest 12th district), by owner Union Investment, C&W said today in a press release.

C&W’s Property and Asset Management Department is expected to take over the complex operational and property management tasks as of today, from incumbent Property Manager AIG/Lincoln, which has managed the building since its handover in 2010.

Gergely Pados, Managing Partner at C&W Budapest said: “In such an economically challenging environment with very limited office developments in the past few years, this mandate is an outstanding opportunity and we are delighted that Union Investment recognized the added-value C&W could bring to the property.”

János Szeifert Associate, Head of Property and Asset Management at C&W Budapest commented on the success: “It is a great acknowledgement for the Property Management team to have secured such an important mandate in the Budapest office market. Our services go far beyond the conventional scope of running and managing a property. I am extremely confident that with our expertise and in-depth knowledge of the market, we will exceed the expectations of the landlord.”

Harriet Schröder at Union Investment added: “On the back of the strong leasing support C&W has provided us at Krisztina Palace over the last few years, we were impressed by the attention to detail and professionalism that C&W Property Management was offering. We are extremely proud of our flagship office in Budapest and look forward to a seamless handover and high quality Property Management service thereafter, which will provide the tenants at Krisztina Palace with a first-class service and allow them to further enjoy their occupation of this fantastic office building.’’

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