Real estate developer and investor Wing has announced the purchase of the Liget Center office building next to Városliget (City Park), according to a press release sent to the Budapest Business Journal.
Located at the intersection of Dózsa György út and Városligeti fasor, the property comprises a 7,000 square-meter office building and a nearly 3,800 sqm auditorium. Wing says that it intends to upgrade the building’s services, implementing value-added features and finding a new function for the currently vacant auditorium.
The modernist building was originally built between 1948 and 1950 and was at one time the headquarters of the National Association of Hungarian Construction Industry Workers, before undergoing a complete renovation in 2002 based on designs by the Egeraat architecture firm.
Wing says that the property is able to meet the evolving needs of our times, thanks to its well-separated spaces, good functional layout, flexibility, and material use that remains up to date even in 2019. The office building is easily accessible by both car and public transport, with a metro M1 station and a number of bus and trolleybus stops within walking distance.
The Liget Center also has underground parking with 111 spaces and bicycle storage for employees. It is currently fully rented out to international and Hungarian businesses, but Wing plans to find an appropriate function for the auditorium and expand the building’s range with value-added services.
"We consider it our mission to preserve the Hungarian architectural heritage that defines Budapest, while finding new purposes for vacant properties," says Wing CEO Noah Steinberg. "In addition to our previous projects involving heritage buildings, Liget Center is another good example. Its clean lines, spatial arrangement and architectural quality made this building one of the best office buildings in Budapest both when it was constructed, and to this day."
Steinberg adds that the purchase of the Liget Center perfectly fits into Wing’s long-term strategy to expand its property portfolio not only through development projects, but though the acquisition of buildings having huge potential and value as well.
"The location of the Liget Center complex is excellent, and the redevelopment of the City Park will further boost the value of its location. Our tenants will have the unique opportunity of operating next to Budapest’s largest park, which will soon have a new lease on life thanks to its redevelopment," says the Wing CEO.