Magyar Telekom begins construction of new headquarters

Office Market

press release

Magyar Telekom, the Hungarian subsidiary of German telco giant Deutsche Telekom, launched construction of its new Hungarian headquarters, which is scheduled to be completed in 2018 and will be the largest single-block office development in Hungary, according to a press release issued today.

The design plan of the building.

The 57,000 sqm building, developed by real estate developer Wing Zrt., is being built at the intersection of Üllői út and Hungária körút (ring road), near the Groupama Aréna football stadium. 

The investment will cost nearly HUF 50 billion, with three banks financing the project: UniCredit Bank Hungary, UniCredit Bank Austria and K&H Bank, the press release noted. 

Telekom and T-Systems Magyarország plan to relocate most of their Budapest-based employees to this new building once construction is completed.  

The building will also feature an underground car park with a total of 1,350 parking spaces and a conference hall with room for up to 300 people, according to the press release.

In addition to the space being used by Telekom, an additional 4,000 sqm office space will be available for lease in the building. The construction project is expected to create approximately 1,000 jobs, the press release added.

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