The eight-story building is scheduled to be completed in the first quarter of 2027.
The construction of the office project started in 2020 with the development of the first building of what is planned as a three-phase complex.
“The Budapest market is important to us at Skanska, and I am very proud of adding another relevant milestone to the city’s office investments skyline,” says Aurelia Luca, executive vice president of operations for Hungary and Romania at Skanska commercial development business unit.
“Building on the success and recognition that H2Offices has already achieved, we are excited to continue our ambitious journey with the next phase. With this one, we take sustainability, technology and innovation to the next level, aiming to have the first-ever fully carbon-neutral in operations office building in Hungary,” she adds.
Designed by Arrow Architects from Denmark, the development will offer a mix of future-focused, sustainable and innovative solutions and a landscaped design that will be connected conceptually with the plot’s heritage as the former headquarters of the Budapest Waterworks.
“With the second building of H2Offices, we continue our journey to constantly decrease our carbon footprint and support our tenants in achieving their real-estate ESG objectives,” notes András Ábrahám, project director at Skanska commercial development business unit.
“We will use low-carbon construction materials such as concrete, steel, and glass structures. At the same time, we are assuring carbon neutrality during operation by four season heat pumps, secured by on-site energy production with the help of the photovoltaic panels installed on the roof, and will purchase 100% electricity from renewable sources,” he says.
The second building is planned to be Leed “Platinum,” Well “Platinum,” and Access4you “Gold” certified. On top of these, Skanska also aims to meet WiredScore and Smart Score criteria.
“Skanska remains committed to the long-term vision of the H2Offices development, including the potential for a third phase. While this is a natural part of our plans, we are focused now on delivering the second phase and ensuring its success,” concludes Luca.
The developer has been operating in Hungary for more than 37 years and has developed more than 250,000 sqm of commercial space.
Gránit Asset Management has successfully closed the acquisition of the iconic Exchange Palace building in the historic center of Pest. A private equity fund managed by Gránit Asset Management, the company owning the Exchange Palace building, represented by Andrea Suriano (senior manager of Futura Investment Management and Futura Funds SICAV-Kappa Fund), and the Canadian investor Michael Tippin, founder of Tippin Corporation, successfully closed the transaction at the turn of the year.
Gránit says it intends to redevelop the Exchange Palace for a “function and purpose which highlights its iconic architectural status while preserving its historic characteristics.”
Tippin held the building for several years, intending to create a high-end office complex combined with street-front restaurants and cafes. However, converting the historic building into a modern, sustainable space proved difficult and protracted, as can often be the case with the redevelopment of classic listed buildings in Budapest.
“I am confident Gránit will design and develop this truly extraordinary building to its fullest potential. Since 2006, Tippin Corporation, together with Futura Funds (from 2013), have been proud custodians of this famous Hungarian landmark,” the investor noted.
Álmos Mikesy, CEO and chairman of the board of Gránit Asset Management, speaks on behalf of the buyer. “We always kept an eye on Exchange Palace, waiting for the right time when we could quickly move and acquire this historic building in this excellent location,” he says.
“For us, this is just the first step, and, in fact, the real journey is yet to come with creating a completely new design for Exchange Palace and executing its full restoration,” Mikesy adds.
The palace (known as Tőzsdepalota in Hungarian) is a Beaux-Arts building, completed in 1905 to a design by Ignác Alpár, and with a total floor area of about 50,000 sqm. From its completion, it served as the home of the Budapest Stock and Commodities Exchange until World War II. Following the war, it became the headquarters of the Hungarian State Television until 2009. It is a listed historical monument under the protection of the National Heritage Authority.
Gránit was advised in the deal by DLA Piper and Sentient. CMS Cameron McKenna, CBB law, CBRE and Cushman & Wakefield represented the sellers.
The DVM group is undertaking the construction of its latest residential development in Újbuda in District XI, providing 141 smart homes with close to zero utility costs. Andor Liget will comprise six green-roofed, five-story buildings surrounding a 3,000 sqm inner park and community playground.
The ground-floor apartments include private gardens, while upper-floor flats will have balconies or terraces. Underground parking, electric vehicle charging stations and bicycle storage will also be provided. The “A++” energy-rated, nearly zero-energy apartments will result in minimal utility costs. Currently, less than 0.5% of certified properties in Hungary meet this standard, according to DVM.
“When designing Andor Liget, we envisioned a residential park that offers both the proximity of nature and all the advantages of urban life in one of Újbuda’s most popular suburban green areas,” comments Tibor Massányi, managing partner at DVM group.
“Taking market expectations into account, we also designed the apartment mix to provide not only a unique lifestyle but also an excellent investment opportunity. As a result, one- and two-bedroom properties are also available, offering reliable rental potential and predictable returns due to their size and features,” he adds.
The Hungarian DVM group has been operating for almost 30 years in the comprehensive design, development, and construction of office, commercial, industrial, and residential properties. With the Andor Liget project, the group is responsible for the entire development process, from planning and construction to sales and customer service.
This article was first published in the Budapest Business Journal print issue of January 10, 2025.
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