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Atenor sells Váci Greens building ‘A’

Office Market

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International real estate developer Atenor, advised by Cushman & Wakefield Hungary’s Capital Markets Team, has successfully sold Building “A” of its prestigious Váci Greens business campus to an independent Hungarian investor group, according to a press release sent to the Budapest Business Journal on Tuesday by C&W.

Situated on the Váci Corridor, Building “A”, which was delivered in 2013, offers a total of 15,700 square meters of gross leasable area with an occupancy rate of near 90%.

Of the three buildings (Buildings A, B & C) delivered during the first phase of the office complex, with total gross leasable area of more than 65,000 sqm, Atenor has thus successfully sold two so far. The sale transaction of Building “C” was closed in December 2016, Atenor said in a separate press release sent to the BBJ earlier

The “BREEAM Excellent” certified building accommodates tenants including GE, Sykes, Enterprise Communications, BNP Paribas Real Estate (the property management company of the building), Budapest Bank and Atenor.

“This transaction demonstrates the continued success of the Budapest market and vindicates the faith and foresight Atenor had in our market in less buoyant times,” said Mike Edwards, Partner and Head of C&W Budapest’s Capital Markets Team. “Investors are increasingly attracted to Budapest by the comparative pricing with other markets, combined with real estate fundamentals that are the strongest in the region,” he added.

“The successful sale of the second Váci Greens building is a great example of the extraordinary strengthening of the Budapest real estate investment market,” observed Nikolett Püschl, Leasing Manager of Atenor. “Several investors are showing serious interest in purchasing future phases of Váci Greens. In addition, we are experiencing significant activity from the tenants’ side, proving that the Váci Corridor is definitely one of the most successful business locations,” she added.

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