Wing buys Siemensʼ Gizella út site

Office Market

Wing Zrt. has completed the purchase of Siemensʼ nearly 40,000 square-meter site on Gizella út in Budapestʼs District 14, with Siemens deciding to rent some of the buildings back, according to a press release sent to the Budapest Business Journal.

Noah Steinberg, president and CEO of Wing.

The site contains eight buildings with office areas, with some offering industrial and educational functions. A portion of the buildings will be rented back by Siemens, according to the press release. The area also provides an opportunity for new developments.

"Apart from the long-term lease by Siemens, we also consider the real estate as a development location, as we believe that on the Hungária ring, especially on its larger hubs, there is a new Budapest office corridor in the making," said Noah Steinberg, president and CEO of Wing. "We have just delivered the Telekom headquarters on the ring road, we are starting our Liberty office building next to it, and we are completing the fully-let Skylight City office building as a renovation of the former Material Center."

Steinberg noted that the Siemens site once functioned as a telephone factory, indicating Wingʼs efforts at utilizing and rehabilitating historical industrial sites to modern real estate expectations. Siemens will rent a total of 17,000 sqm of offices, industrial buildings, and educational areas within the framework of a long-term, 10-year rental agreement.

Steinberg noted that apart from the purchase of the Siemens site, Wing will also develop the new headquarters of Siemens subsidiary evosoft on the banks of the Danube.

"Siemens has been present in Hungary for more than 130 years, actively contributing to the countryʼs socioeconomic development with its activities," said Siemens Zrt. CEO and President Dale A. Martin. "Just as in past decades, today, in the age of digitalization, every single one of our steps is driven by operating better and more efficiently. I trust that Siemens Zrt.ʼs site will be in good hands at Wing. We are eagerly awaiting the common work, which will result in the renewal of buildings hosting Siemensʼ offices and creating the basis for further growth."

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