Orco managed sales of Arena Corner office building in Budapest
The Endurance Office and Retail Fund announced the acquisition of Arena Corner Office Center.
This multifunctional building promises high-quality office space, attractive retail areas and underground parking. The Endurance Office and Retail Fund, managed by Orco Property Group, acquired the building from developer Raiffeisen Ingatlan Zrt in July 2007. The total investment is estimated at €63 million. The A-class building was designed by Hungarian architecture firm Lukács and Vikár Architects, and consists of three towers interconnected with independent entrances
The final stage of construction was reached in June 2007 and the building was handed over by general contractor CFE in August 2007. It has a leasable area of approximately 28,000 square meters with 370 basement parking lots, and the minimum rentable area is 140 square meters. The date for full occupancy is expected for June 2008. Among many retail units, the development is expected to have banking services, cleaning services, a prime food court, a café and a restaurant.
"We are delighted to acquire such a high-quality office development already leased to significant tenant, Citibank. This lease is one of the biggest in Budapest and the deal itself must rank as one of the largest this year so far. The transaction represents continued successful cooperation with one of the leading Hungarian real estate developers, Raiffeisen Ingatlan," said Jeff Alson, Investment Acquisitions Director CEE, Orco Property Group.
Arena Corner is located in a dynamically growing fringe area of Budapest at the intersection of Hungária Road and Kerepesi Road.
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.