ConvergenCE sells Budapest office building to local investor

ConvergenCE closed the sale of the Árpád Center office building. The property at the junction of Árpád Bridge and Váci Road was acquired by Investum Kft. During the transaction, ConvergenCE was represented by Cushman & Wakefield.

This is the second purchase of Investum Kft in the recent period following the acquisition of the Canada Square office building (5,000 sqm) in Budapest from CA Immo.

Csaba Zeley, Managing Director at ConvergenCE says: “Since the purchase of the building in 2019, we turned the then undermanaged and slightly neglected building into a fruitful project. We have regeared the leases, leased the vacant areas and developed a strong, long-term relationship with occupants that valued our flexible landlord attitude and tenant-focused property management. As a result of these, as well as Investum’s fast decision-making process, we managed to sell the building off-market, before the date previously set in our business plan. We are happy that our work with the building is still not over, as the new owner mandated us with managing and leasing of Árpád Center further.”

Zoltán Ligetvári, Associate at Cushman & Wakefield concluded: “Despite the challenging environment, we are proud to have fulfilled the expectations of our client. The buyer delivered the closing at an unprecedented pace, thus making Árpád Center the first office component in Pest of their growing real estate portfolio.”