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Portus Buda Group building luxury office space in city centre

Portus Buda Group is spending HUF 3.5 billion – HUF 4 billion to build 1,700 square meters of luxury office space in a building owned by the Order of Piarists in the center of Budapest, company head Elemér Eszter said at a press conference at the building site on Tuesday.

Portus Buda Group will cover one-fourth of the cost of the project with its own capital and the rest will come from a bank loan, Eszter said. He declined to reveal the name of the lending bank, when asked by MTI, but he said the contract was signed after the start of the crisis.

The offices, called Calasanz Downtown Offices, will be built on the top two floors of a building owned by the Order of Piarists. Portus Buda Group has obtained rights to use the space for 25 years. Renters are expected to be able to move in to the space, which will offer a panoramic view of the Danube, in Q2 2010.

Asked about the rents for the office space, Eszter said they would be similar to ones at the Lánchid Offices. Rents at the Lánchid started out at €40 per square meter per month, but has dropped since, industry insiders told MTI.

The Order of the Piarists will rent out the ground floor and first storey to trade businesses, and the local Piarist secondary school will have its home above. (MTI-Econews)