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Realis WAM acquired the property, built after the political transition, from CPI in 2024. The building’s generous ceiling heights, rational floor plan, façade structure and two-level underground garage make it well suited for conversion to residential use. Its current technical condition also allows construction to proceed with minimal demolition, keeping the environmental footprint low. The existing inner courtyard is planned to be redeveloped into a green garden planted with trees.
Sales will launch this October under the project name The Brick, offering units ranging from studios to apartments with four bedrooms and a living room. The developer is offering what it describes as a uniquely cosmopolitan interior design concept and a first for the market.
According to Mihály Schrancz, CEO and founding partner of Realis WAM, the development’s central Buda location, distinctive character and sustainable approach make it a well-priced addition to the otherwise limited supply of new-build residential properties in central Buda.
The project is expected to be completed in the second quarter of 2028.
Operating as the fund management arm of the Realis Group, Realis WAM has a stable ownership background and currently manages assets sourced 45% from private investors and 55% from institutional investors. Real estate development activities on behalf of the fund are carried out by Realis Development.
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