Wing Commences Liberty Project
WING has started preparatory works for its latest office, the 40,000 sqm Liberty building, next to the Magyar Telekom Group headquarters. Wing completed the 58,000 sqm headquarters, located in District IX, adjacent to the Groupama Ferencváros Stadium earlier in the year. The new speculative project is being developed on the remaining development plot at the site.
Liberty office project by Wing.
Wing has started preparatory works for its latest office, the 40,000 sqm Liberty building, next to the Magyar Telekom Group headquarters. Wing completed the 58,000 sqm headquarters, located in District IX, adjacent to the Groupama Ferencváros Stadium earlier in the year. The new speculative project is being developed on the remaining development plot at the site.
The Hungarian developer is seeking BREEAM “Very Good” certification for the Liberty project, designed by DPI Design. In addition to the implementation of technology for energy efficiency, the building will also include a rooftop sky bar, 680 parking spaces and 250 bicycle racks with changing facilities.
“It is ideally suited as headquarters for a single company or for multiple tenants. There is already substantial interest in the office building,” says Noah Steinberg president & CEO of Wing.
The building is at the intersection of Könyves Kálmán körút and Üllői út with direct metro, tram and road access; these types of links are increasingly a basic requirement from tenants. Wing acquired the three-hectare development site from the state after a public auction and such well-located plots are difficult to source in central Budapest.
Second Nobel Phase
Wing is also developing a second 22,000 sqm phase of the Nobel Prize Winners Research & Development Park that will deliver another 22,000 sqm Budapest headquarters for evosoft Hungary – 100% owned by Siemens – in the south Buda sub-market that has developed into a high-tech hub.
This is another example of the sort of built-to-suit office development project that Wing has undertaken for both Magyar Telekom and Ericsson Hungary.
In an expansion of its activities, WING has purchased the Bulmag and DXC office centers in Sofia, its first international transaction. The purchase was made through indirectly-owned project companies.
“The purchase of the office buildings in Bulgaria represents an important milestone in our company’s history through expansion to the international markets. This move is optimally aligned with our development strategy. The end of last year saw us venture into a new real estate market segment – residential homes – and now we are entering a geographically new market,” comments Steinberg.
The management of Wing has hedged its bets with development projects in the office, retail, logistics, hotel and residential sectors in Hungary. This year Wing has developed 165,000 sqm of space with an investment of EUR 256 million.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.