E.ON Hungária Agrees 16,000 sqm BakerStreet Letting With Atenor

Office Market

BakerStreet by Atenor.

Atenor has concluded a significant letting as E.ON Hungária will establish a 16,000 sqm Budapest headquarters at the Belgium-based developer’s BakerStreet project, currently under development and due to be completed in the second quarter of 2024. The BREEAM “Excellent” and Access4You “Gold” certified project is located in District XI and will comprise two office buildings with a total leasable area of 42,000 sqm.

“Following the restructuring of the E.ON Hungária Group, we were looking for an ideal solution for all our colleagues: A headquarters building that adjusts to our increased headcount in the capital city, takes the commuting requirements of our Transdanubian employees into account and adapts to the changes of working trends, the ever more present hybrid way of working at the same time,” comments Zsolt Zsedényi, deputy CEO of E.ON Hungária Group, on the deal.

“The new office building is being developed in one of the most dynamically developing areas of Budapest. Upon its selection, besides the economic considerations, the key aspects were sustainability, the application of future-proof solutions, and the adaptation of a flexible operational framework,” he adds.

The transaction has been concluded at a time when analysts are voicing concerns over demand in the office market.

“The fact that such an outstanding company, employing thousands of people, is moving to a newly developed office building proves that there is still a serious demand for modern, highly technical and aesthetic office spaces,” says Péter Würsching, head of leasing at JLL.

“E.ON’s new headquarters, in addition to meeting environmentally conscious and sustainable requirements, will serve the needs of the changing work culture and will also ensure the wellbeing of the employees,” he added. JLL represented the tenant on the deal while Colliers assisted Atenor.

International Lettings

This deal is just the latest of several that developers are concluding large-scale lettings with international corporates establishing Hungarian and international headquarters. BP, for example, has agreed a 22,000 sqm lease for 1,800 global services staff at Agora Budapest by HB Reavis. Phase one of the development consists of the 34,000 sqm Agora Tower and the 32,000 sqm Agora Hub.

Likewise, Futureal has agreed a 14,400 letting with IBM Hungary for its headquarters at the phased 30,000 sqm Corvin Innovation Campus. The BREEAM “Excellent” and WELL “Platinum”-certified complex in Corvin Promenade is due to be completed next year.

Atenor is present in 10 countries in Europe and has operated in Hungary since 2008. The company has a policy of developing campus projects.

“This is developing sustainable office and residential schemes standing the test of time, blending organically into the city landscape and enriching the communities in which they are being developed, with landscaped community spaces and a wide range of services,” the company says.

Zoltán Borbély, country director of Atenor Hungary, adds, “We are delighted and honored that E.ON chose BakerStreet as the future home of its Hungarian operations. We are convinced that ESG, which is at the heart of both of our businesses, will be increasingly important for large corporates in the future and will be essential in keeping a highly qualified workforce. Sustainable and human workplaces enhancing wellbeing are an important part of this, and Atenor is a partner providing exactly that to our tenants.”

This article was first published in the Budapest Business Journal print issue of July 15, 2022.

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