Are you sure?

OTP Bank Moves Into Váci 1

OTP Bank has established a 450 sqm research and development center at the landmark Váci 1 office and retail center in Vörösmarty tér. The OTP office will include an education center, project rooms and a lecture hall in the UNESCO World Heritage listed building, redeveloped by Horizon Development.

Váci 1 Attrium.

OTP Bank has established a 450 sqm research and development center at the landmark Váci 1 office and retail center in Vörösmarty tér. The OTP office will include an education center, project rooms and a lecture hall in the UNESCO World Heritage listed building, redeveloped by Horizon Development.

“We are delighted to welcome OTP in our historic building, where we managed to flexibly and elegantly accommodate the Research & Development function of OTP Lab into the historic setting of this 1915 building,” commented Attila Kovács, managing partner of Horizon Development, on the deal. “The office solutions we provide to OTP Lab are all in line with 21st century sustainability and technical criteria, and the environment we offer is that of an authentically renovated Neoclassicist palace.”

The property, designed by DVM group, has been purchased by the Munich-based GLL Real Estate Partners. The latest tenant will move into the building in April, bringing the occupancy rate to 100%.

Rare Development

Váci 1, with 5,700 sqm of office space, is a rare office development in District V. The project reflects Horizon’s strategy of developing high-end office space in historic buildings in central Budapest. District V currently has the highest rents in Budapest, however there is a very limited supply of suitable development sites. Elsewhere in the district, Horizon Development is working on the LEED “Platinum” accredited mixed-use Szervita Square project, consisting of 15,000 sqm of office, residential and retail space, but that is not due to be completed until 2019.

The Hungarian developer is also constructing the speculative 25,000 sqm Promenade Gardens on Váci út (District XIII) in partnership with the Hungarian Erste Open-ended Real Estate Fund. The project has been awarded both LEED “Gold” and BREEAM “Very Good” accreditation, and is due to be delivered in the second quarter of this year.