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Allianz acquires Eiffel Square Office Building in Budapest

Allianz Real Estate has acquired the 23,500 sqm Eiffel Square Office Building in Budapest in one of the CEE regionʼs largest transactions this year, according to a press release sent to the Budapest Business Journal.

The building, delivered in 2010, is located at the junction of the CBD and the Váci Corridor at a major transport hub of the city and offers views onto the public Eiffel Park and the glass-paneled roof of Nyugati Pályaudvar (Western Railway Station) inaugurated in 1877 and currently going through a major renovation.

The asset is anchored by BNP Paribas Group, Dealogic, Grundfos, and Agoda while Tesco, Yves Rocher, Costa Café, and private medical center Medicover occupy the lower floor.

"We are very proud to have worked with our client Allianz Real Estate and the Seller’s team on this important transaction of the first half of 2020. This deal was structured off-market and was mainly negotiated during the lockdown period. Our teams are now back in the office and we work hard to revive the dynamic of the market we had before the outbreak," comments Benjamin Perez Ellischewitz, head of capital markets at JLL, who worked with his team on the transaction.