Mastercard Hungary moves HQ to Váci 1

Office Market

Mastercard has moved its Hungarian headquarters into the multiple award-winning Váci 1 office building, which is featured on the UNESCO World Heritage list, according to a press statement sent to the Budapest Business Journal today. The current occupancy rate of Váci 1 is 92%, while 1,050 sqm of office space is still available for leasing on the fourth floor.

Mastercard’s new 470 sqm office is located on the third floor of the premium downtown property, which was originally built between 1911 and 1915 and has recently been restored. The building was specifically built to serve as the headquarters of the first Hungarian Bank (Pesti Hazai Első Takarékpénztár), and later housed the Budapest Stock Exchange during the period of 2005-2015, Horizon Development explains.

“These Neo-Classicist, historic walls, marble columns, stained glass windows and ornate decorations all communicate strength, stability and financial security, the message that our tenant also found fitting for its core activities and quality services,” said Attila Kovács MRICS, managing partner of the developer Horizon Development. “Beyond the architectural legacy of the authentically restored historic building, its Central Business District location, great accessibility, and modern office spaces fitted out in line with 21st century sustainability criteria were also quintessential for the tenant,” he added.

Mastercard also appears to be excited to settle in the new building. “In the Váci 1 commercial building we found ample, modern office space that fits our needs and expectations. Central location was key to us, and having sufficient space for our staff was also one of our top considerations,” said Endre Eölyüs, country manager for Hungary and Slovenia at Mastercard. “We are proud to welcome our clients in a building that harmoniously combines historic spaces and modern architectural elements, and served as the home of such important institutions as the first Hungarian bank and the Budapest Stock Exchange,” he added.

Cushman & Wakefield represented Mastercard during the leasing transaction. David M. Johnston, partner and head of office agency commented: “There is no doubt that Váci 1 is one of Budapest’s most iconic buildings. It is testament to Horizon Development for having the vision to refurbish the property to such a high standard and bring it up to modern day standards, whilst respecting its original design and appearance. I am delighted that Mastercard selected Váci 1 for its Budapest operations, and I am confident that the building will serve as the perfect location by which to enhance their core business.’’

The owner of the building, Munich-based global real estate fund manager group GLL Real Estate Partners also welcomed Mastercard, a prestigious international tenant in its newly acquired prime asset that now forms part of its Budapest portfolio of seven class “A” office buildings.

Váci 1 was a design-and-build project by the DVM group, with its design, project management, environmental consultancy and construction units all playing an important part in the revitalization of the building.

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