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Krausz Palota to undergo renovation

Office Market

The modernization of the more than 130-year-old Krausz Palota on Andrássy út, a World Heritage site, has begun, according to a press release sent to the Budapest Business Journal.

Following the successful issuance of the heritage permit, the refurbishment of the classic building has begun, with the aim of rebuilding it as a boutique office building that will meet the 21st century needs of its future tenants.

Managed by AEW on behalf of institutional investors and locally managed by Avison Young, the building will be refurbished to become one of the most modern and exclusive offices concepts in the city center, focused on fulfilling the high expectations of tenants for aesthetics and comfort, while also preserving the illustrious building for future generations.

Sustainability was one of the most important considerations during planning, with the renovators looking to achieve a BREEAM "Excellent" sustainability rating.

“We are delighted that a building like this, which defines Andrássy út and turn-of-the-century architecture, is being reborn as a modern bureau palace and is taking its rightful place in the most attractive district of Budapest  In addition to managing such a building, it is a remarkable task to oversee the renovation of this beautiful building to meet the expectations of Budapest's top companies”, said Jake Lodge, principal of Avison Young Hungary.

EBH Invest, the general contractor, has started the demolition phase. The project is scheduled to be completed by Q4 2022.

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