Váci Greens Complex Completed

Office Market

The last building of the 120,000 sqm Váci Greens office complex has completed, as the 23,500 sqm Building “E” has received its final occupancy permit. It brings to an end 13 years of phased work on the speculative project by Atenor, with the Váci Corridor development financed from the Belgium developer’s own equity.

Zoltán Borbély, country director of Atenor at the Váci Greens closing reception.

The ambitious project was undertaken in the post-financial crisis economic environment, when the Budapest office market was seen as being in a crisis situation. However, Atenor successfully anticipated the longer term prospects for the market, having completed its first Váci út project and sold it onto investors.     

The Váci Greens office park was the first in Hungary to receive the BREEAM “Excellent” certification in 2011, Atenor says. Furthermore, the company was the first developer to announce it will design all its buildings according to criteria tailored to people with special needs created by Access4you.

“This concept is justified by maximum success, as 102,000 sqm of the total 123,000 sqm of office space has already been leased to leading multinational tenants and five out of six of the buildings have been sold to domestic and international investors,” says Atenor.  

The “A”, “B”, “C” and “D” office buildings have all been fully let for several years; the 23,500 sqm Building “E” is 40% leased and the 25,000 sqm Building “F” is 73% leased. The tenants of the office park currently employ nearly 8,500 people. With the full leasing of the last phase, this number of employees will increase to 12,000-13,000.

Five of the six Váci Greens office buildings, along with the basic overall concept, were designed by TIBA Architects Studio, with Building “D” penned by Vikár and Lukács Architect Studio.  

Excellent Cooperation  

“Thanks to our excellent cooperation with District XIII, we were able to continuously tailor the ergonomics of Váci Greens to the current needs of the office market,” Zoltán Borbély, country director of Atenor, said at the closing reception. The event, reflecting concerns over the coronavirus pandemic, was held in an internal garden area with masks, hand cleansing facilities and thermometers all available.

District XIII Mayor József Tóth reflected on the transformation and redevelopment of the district into a major independent office and business area over 20 years through a partnership between the municipality and developers, which involved the redevelopment of the infrastructure, business base and residential areas.  

“Our base criteria for the location of a good development site is a metro [station] and other kinds of public transport connections; the services and facilities of the micro and macro environment are also the key factors,” says Nikolett Püschl, leasing and development director at Atenor Hungary.

In parallel with finalization of Váci Greens, Atenor is developing the speculative, phased 85,000 sqm Aréna Business Campus in the outer boulevard of Budapest.

“Atenor has experience in developing large-scale projects with a number of different buildings. We have celebrated the topping-out of Building ‘B’ and this will be completed by mid-2021. After that, with the approval of the board, we plan to continue with Building ‘C’ and Building ‘D’ in the same way as with Váci Greens,” adds Püschl.

Váci Greens Building “F” is now being offered to the investment market.

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