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Atenor to Start 1st Buda Office Project

Office Market

Belgium-based Atenor has acquired a 5,000 sqm plot for the development of its latest project in District III on Bécsi út in Rózsadomb. It will be the developer’s first office building in Buda.

New Atenor project in Buda.

The site is 300 meters from the Új Udvar shopping center and 400 meters from the Kolosy tér market with easy access by public transport and by car to Árpád híd and the M0-M3 motorways and the Hév suburban railway according to Atenor.  

The class “A” project will include an underground garage, an internal garden and terraces. An application for a building permit for a minimum buildable area of 15,000 sqm will be filed with the aim of beginning construction in the fourth quarter of 2019.

Atenor is also developing the phased, speculative Váci Greens office project across the river in Pest that will consist of 130,000 sqm of space in six buildings upon completion. In parallel with development of the final phases of the project, the developer has undertaken construction of the speculative, phased, 72,000 sqm Aréna Business Campus in District VIII.  

Trinity of Projects

“We are new developing three projects at the same time: the 50,000 sqm Váci Greens E and F, the 25,000 sqm Building A at Aréna Business Campus and the new development in Buda,” said Nikolett Püschl, development and leasing director at Atenor Hungary.

Demand in the Budapest office market is strong, but well located, contiguous development sites are becoming more difficult to source.  

“Accessibility and public transport and metro connections are still the most important issues regarding the location for tenants and I do not think that this will change in the near future,” Püschl said.  

“In addition to a road connection, I think that that the area and the building should be livable and contribute to the economy and therefore we prefer to develop campus-type projects. It is not easy to find such spaces but Atenor has bigger challenges in Belgium and Luxembourg and in other parts of Europe, and thus it is easier in Hungary with a better price to value ratio,” she added.

Following this new acquisition, the total number of Atenor projects under development has gone up to 23 and represents a development potential of around 865,000 sqm. With regard to the CEE region, Atenor has projects in Budapest and Bucharest.

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