Váci 1 building renovations wind up

Office Market

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Horizon Development finished the renovation of Váci 1, a landmark building in downtown Budapest located on Vöröstmarty tér (square), according to a press release issued late yesterday.

The building, which was home to the Budapest Stock Exchange from 1990-2005, is now home to the flagship store of H&M in Hungary, as well as the Hard Rock Café and Szamos Marcipán confectionary. 

The restored building, which offers retail and office spaces for rent, is currently 74% leased, but still has 2,500 sqm of prime office space on the upper levels, the press statement noted.

In addition to preserving the integrity of the building, the developer paid attention to optimizing the vertical and horizontal traffic within the building, creating high efficiency for both office and retail functions, according to the statement. The sustainable solutions incorporated by Horizon Development contribute to the property’s optimal energy and water use and reduced carbon footprint, and make Váci 1 eligible for BREEAM In-Use certification, which the developer hopes to receive in the last quarter of the year.

The Váci 1 project was introduced to the market at the 2016 MIPIM real estate fair organized in Cannes in March. Upon his return from the event, Attila Kovács MRICS (managing partner of Horizon Development) reported significant international investor interest in the property.

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