Budapest-based commercial real estate investor and developer ConvergenCE has announced the acquisition of the Central Business Center in District 2 of Budapest from Immofinanz. It is the fifth office investment by ConvergenCE since 2015.
The building is in a prime core location and totals 10,000 square meters of office space with 156 parking spaces in an underground garage, according to a press release sent to the Budapest Business Journal. It also has an 800 sqm courtyard complete with its own restaurant.
The office building was constructed in the 1990s and renovated in 2015. ConvergenCE says it believes that the building is ready for substantial improvement.
“Many years ago, I started my career here, so it has a special place in my heart,” says Csaba Zeley, ConvergenCE’s head of asset management. “I know the building well and both its location and its facilities are suitable to host a thriving and future-proof business center. In the future we will reconceptualize communal areas and amenities, improve maintenance efficiency and give the building a new identity.”
This will be the fifth office investment by the ConvergenCE team since 2015, with former deals including the Kálvin Square and CityZen office buildings, and more recently the Árpád Center.
“As developers are forced to move further and further out from the center of Budapest due to the scarcity of good central development sites, we believe the time is right to re-invest in the best-located older office buildings in the downtown,” Zeley adds.