The Exchange Palace, the iconic former Budapest Stock Exchange building and after that heaquarters of the state-owned Hungarian Television (MTV) for more than 50 years will be reconstructed starting this year.
Exchange Palace is now co-owned by Canadian developer Tippin Corporation and Luxembourg Optimum Fund Management.
Originally built in 1905 to house the Budapest Stock & Commodity Exchange, the grand Beaux Arts monumental building was designed by the famous Hungarian architect Ignác Alpár. Exchange Palace was the headquarters of MTV from 1955 to 2009.
After its reconstruction, Exchange Palace will offer about 22,000 sqm of offices, and about 8,000 sqm of retail space, a press release sent to Budapest Business Journal says.
Exchange Palace will be redeveloped in four wings, with the first (Nádor Wing) delivered by the end of 2019. The garage at Liberty Square (Szabadság tér) is also owned by Tippin Corporation, and provides 806 long and short-term parking spaces.
JLL & CBRE have been appointed as co-exclusive leasing agents of the new Exchange Palace, the rennovation of which has been designed by American architects Beyer Blinder Belle and global engineering firm Arup Group Ltd., and will be executed by Hungarian contractor LAKI.
David M. Johnston, senior director and head of advisory & transactions at CBRE Hungary added said: "Exchange Palace is unquestionably the most important landmark project undertaken by an international developer in Budapest since Gresham Palace [Four Seasons Budapest], also stewarded by a Canadian."