February 05, 2014

Vaci Greens – Building A – 100 percent let after six months

Vaci Greens – Building A – 100 percent let after six months

The Belgian Developer Atenor has started construction works on Building C – the second building at their successful Vaci Greens office development, Vaci ut, Budapest, which on completion – will comprise 5 Grade A office buildings extending to about 100,000 sqm.

The construction of Building C, which will extend to 18,000 sqm of Grade A offices over ground & 6 upper levels is expected to complete in Q2 2015, and although there are no fully committed tenants in place as of yet – C&W and Atenor are in detailed discussions with a couple of parties and hope to formally confirm lettings soon.

Atenor have appointed Cushman & Wakefield as their exclusive leasing agents for the entire scheme.

Building C has been started on the back of the success of Building A, (extends to 15,900 sqm) which was completed in Q3 2013 and after less than six months is effectively 100 percent let to tenants to include Sykes, Enterprise Communications as well as a Large International Occupier.

Building A was awarded the prestigious BREEAM Excellent rating, and was distinguished with a 5 star European Property Award as best Office Development in Hungary. All buildings at Vaci Greens are and will be designed and constructed in order to secure high environmental quality, reduced operating costs, with large and efficient floor plates, state-of-the-art techniques, green areas and various amenities for the comfort and safety of all occupiers.

Zoltán Borbély Project Director at Atenor commented: “Atenor’s intention has always been a long-term commitment to the Hungarian market, and despite the challenging local market conditions, the success of Building A has convinced us to replicate speculative construction at Building C – where we are confident of securing good quality tenants in the short-term’.”

The total Váci Greens office complex will consist of 5 buildings reaching a total of 100,000 sqm GLA. On completion it will be Budapest’s biggest office development project. Atenor Group is financing the construction from its own capital. The scheme was the first project in Budapest that was given the BREEAM ‘Excellent’ certification in 2011.

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