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Celanese moves to Promenade Gardens, Citibank to follow

Office Market

Horizon Development

Celanese Corporation has become the first tenant of the Erste Open-Ended Real Estate Fund’s recently completed Promenade Gardens office building, with Citibank Europe due to set up its 8,000 sqm office in the building, developed by Horizon Development, from December 1.

Promenade Gardens; photo by Horizon Development.

Celanese, a Fortune 500 company, now occupies 4,200 sqm of the new building’s first and second floors on Váci út. The entire fourth and fifth floors will be inhabited by Citibank’s top management offices and Citi Service Center Budapest, with the company also opening a 90 sqm bank branch on the ground floor.

Horizon Development was eager to welcome the new tenant to its latest project.

“We feel privileged to have been chosen by Citibank Europe to set up their operations in our building, with the mission of providing a wide range of world-class products and services to large local corporations, SMEs, multinational clients, financial institutions and the public sector,” said Managing Partner Attila Kovács. He hailed the building’s technical qualities as a focal point in Citi’s decision. 

Kata Mazsaroff, director and head of occupier services at Colliers International, explained that Citi wanted to bring its various units together in one building.

“It was a prerequisite for our client to come to an ideal solution for merging their three business units previously seated at different locations,” she said. 

Balázs Pázmány, head of Erste Open-Ended Real Estate Fund, commented that the fund was not surprised the project had attracted such interest.

“We had really high expectations when investing in Promenade Gardens, which is our third major investment in the most popular section of Váci út,” he said. 

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