MOM Park Office Towers closes five rent deals
Budapest’s Grade A MOM Park Office Towers have successfully closed five deals extending to approximately 2,000 sqms of office space with the representation of Cushman & Wakefield (C&W), including three new tenants entering the scheme and the successful retention of two key tenants, C&W said today in a press release.
As a result of these transactions, the vacancy rate in the complex has decreased to 7.51%, the announcement said.
The largest transactions were renewals to existing tenants VFT (an IT services company) occupying 555 sqm and Vertis (environmental commodities broker) occupying 423 sqm, while new leases to new tenants included Wolf & Partners (trading company) 314 sqm, OrienTax (tax advisory firm) and Venodia (a holding company) acquiring 383 sqm and 135 sqm respectively.
“MOM Park Towers has always performed well, even during the recession, however, the volume of transactions we have closed recently far outperforms the sub-market, despite the recovery in the occupier market as a whole. We are in detailed discussions with other parties for existing and vacant space, and I am confident we can improve on the already impressive 7.51% vacancy by the end of Q4 2015,’’ David Johnston MRICS, head of office agency at C&W said.
The 11,500 sqm A category MOM Park Towers office complex, is located in Budapest’s 12th district close to Déli (Southern) Railway Station and in the core catchment area of highways M1 and M7.
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