Horizon Development to Redevelop Park Atrium
Horizon Development, has taken over the property management, redevelopment, leasing and marketing of the landmark 26,000 sqm Park Atrium office building on Dózsa György út.
The building was designed by the Dutch architect Erick van Egeraat, who was also responsible for the landmark ING headquarters.
The building consists of four blocks providing office and retail space to tenants including ING Hungary and Deloitte.
“To be entrusted with the complex property management, redevelopment, leasing and marketing mandate of Park Atrium is a great privilege for our development company, which has been on the real estate market for one and a half decades now,” comments Attila Kovács, managing partner at Horizon Development.
“With our expertise gained in self-developed properties – Eiffel Palace, Váci 1 and Promenade Gardens – we can guarantee that current and future tenants of Park Atrium will enjoy world-class services,” he adds.
Horizon Development established a relationship with the owner of the complex after the purchase of Eiffel Palace by Corpus Sireo from the National Bank of Hungary.
Well-established
“We have a well-established cooperation with Horizon Development ever since we purchased Eiffel Palace, developed and managed by the premium Hungarian developer. It was the most logical next step for us to continue with an even wider collaboration,” comments Dominik Ewerz, asset manager at REInvest Asset Management, representing the owner.
Park Atrium was completed in 2004 and extensively refurbished in 2015. The ING and Deloitte offices have both achieved LEED “Gold” accreditation. The complex was subsequently acquired by a Corpus Sireo-managed fund (now part of Swiss Life Asset Managers); this was seen as a significant deal as it marked the return of European institutional investors to the Budapest investment market.
Horizon Development has built more than 500,000 sqm of high-end office buildings, shopping centers, logistic centers, sports complexes and residential projects. This includes the 25,000 sqm Eiffel Square, the 14,500 sqm Eiffel Palace development and the redevelopment of the UNESCO world heritage-listed 13,700 sqm Váci 1.
Ongoing projects by the company are the 12,500 sqm LEED “Platinum” accredited Szervita Square Building, a high end mixed-use complex, due to be delivered in 2020. In another development project, the 9,000 sqm, 150-room Luxury Lifestyle Hotel is due to be completed in 2022. Both are located in the central business district.
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