A jury of around 40 industry experts from nominated companies, projects and transactions decided on the awards. As in the previous year, Wing received several titles.
In the “Office Project of the Year” category, Wing won with its Liget Center project. The complex consists of two buildings: the Liget Center Classic and the Liget Center Auditorium, both of which are protected historical monuments and have undergone a significant transformation.
As a result, they have been reborn as modern, sustainable corporate headquarters while preserving their architectural heritage. The project also includes a new standalone boutique office building, the Liget Center Vitrum, which is expected to reach “shell and core completion” by the end of October. Wing also scooped the “Office Developer of the Year” title.
The “Hotel Developer of the Year” award recognizes Wing’s dynamic growth in hotel development. This division of the company has gained significant momentum in recent years, as evidenced by the success of the Ibis and Tribe Budapest Stadium hotel within Wing’s mixed-use Liberty complex.
The developer is preparing for another milestone: a new Tribe hotel will be opened at Budapest Liszt Ferenc International Airport, further enriching the service infrastructure there. With this project, Wing joins the ranks of real estate developers who have delivered more than 1,000 hotel rooms in Hungary.
Biggeorge Property won the “CEE Residential Developer” of the Year title at the Gala. The company has 11 ongoing residential projects, currently offering a total of 1,400 premium homes.
“Besides the four new projects launched at the beginning of 2024, we started construction of four additional residential developments in the third quarter; thus, eight new projects mark our residential development activity this year,” says Zsolt Bozsovics, deputy CEO of Biggeorge Property.
“We plan to hand over phase IV of Waterfront City at the end of this year; complete the lakeside apartments of Silverbay Residence in Siófok and Szemesbay Resort in Balatonszemes [both on the southern shore of Lake Balaton] in 2025; and finish Árnyas 40 Villa Suites, Újbuda Garden, Béke Garden and the first phase of the Westside Grand project in 2026,” he notes.
“The four recently launched projects (Westside Grand II, Waterfront City V, Cosmo Residence and Újbuda Residence) will be ready for their new owners in 2027,” Bozsovics adds.
Repeating its success from last year, HelloParks achieved recognition in two categories. The “Warehouse Developer of the Year” award acknowledges HelloParks’ dynamic growth and market-shaping approach, according to the company. The developer was founded in 2020 as part of the Futureal Group and is currently developing more than one million sqm of warehouse and industrial space on approximately 200 hectares in four key transport hubs around Budapest: Maglód, Fót, Páty, and Alsónémedi.
The “Warehouse Project of the Year” award was a testament to HelloParks’ unique approach. The company’s Alsónémedi AN1 development (in the Budapest South area) is a 60,000 sqm modern warehouse hall that features outstanding sustainability features. The developer aims to achieve Breeam “Outstanding” certification in the New Construction category.
HelloParks is the only company in the Hungarian market exclusively building such warehouse buildings, a factor that contributed to its recognition at the CRE Awards, comments the developer.
Gábor Futó, co-founder of the Futureal Group, was honored with a Lifetime Achievement Award. With his father, Péter, Futó established what has become one of the leading real estate developers and investors in the Central European region. During the pandemic, Gábor Futó foresaw the industrial real estate boom and the growing demand for modern, sustainable megaparks. Thanks in part to this, the company says HelloParks has become the country’s third most significant industrial developer based on the total area of properties under its management.
With regard to the leading consultancies in the market, Newmark VLK Hungary won the “Professional Service Provider of the Year Award” in recognition of the company’s work in the office, hotel and industrial sectors.
Ullmann Palace, a historic building on the Andrássy út World Heritage site, is being renovated into a high-end office complex. The classical neo-Renaissance palace was designed by Vilmos Freund (who also penned the Callas House and the Danube Palace, among other Budapest buildings) and built between 1883 and 1884.
“The project will ensure that Ullmann Palace remains a symbol of elegance and functionality for future generations by preserving the historic essence of the building while modernizing it to meet current standards,” comments Jake Lodge, principal of Avison Young Hungary, the local representative for a fund managed by AEW that purchased the building.
The project investor is committed to ensuring that Ullmann Palace has the highest possible Energy Performance Certificate (EPC) and sustainability rating. Lodge says this includes the selection of materials that minimize energy loss and the installation of high-efficiency equipment.
In addition to a state-of-the-art HVAC system, plans include upgrading the insulation and windows to maximize the energy performance of the building and obtaining Breeam certification, he adds.
The renovation is due to be completed in the first quarter of 2025 when about 2,000 sqm of renovated office space will be offered to the market. The project is the latest example of a trend for restoring heritage buildings in the center of Budapest to meet the needs of high-end offices or hotels while maintaining protected historic buildings.
This article was first published in the Budapest Business Journal print issue of November 4, 2024.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
