Krausz Palace: an exclusive renovation receives permitting

Renovation of the 19th century Krausz Palace, located on Budapest’s recognized World Heritage site, Andrássy Ave, will commence in mid-2021. The project is owned by an AEW managed fund and is locally managed by Limehouse Partners. Both parties have worked together to create one of the most modern and exclusive offices concepts in the city centre, focused on fulfilling the high expectations of tenants for aesthetics and comfort, while also preserving the illustrious building for future generations. The investment is scheduled for completion in2022. The renovation will be completed in line with best practice sustainability consideration at its heart vying for an “Excellent” ranking by the BREEAM sustainability rating.

The project on Andrássy Ave 12 will create close to 4,000 sqm of office space and an exclusive 340 sqm retail area on the ground floor. Following recent Heritage Permitting, the refurbishment of the Krausz Palace, which is considered one of Andrassy Ave’s most exquisite buildings in the immediate vicinity of the Budapest Opera House, will start in 2021 and is expected to be completed in 2022. The upgrade shall include a complete overhaul of the buildings HVAC and technical equipment, reconceptualise the buildings common areas, enhance its amenities and ensure the preservation of its decorative architectural features. Following the renovation, the building will be one of Budapest’s most iconic office facilities, with ground floor high-end commercial space that can fulfil the needs of any prestigious retail brands, both in terms of quality of construction and high street visibility.

The building, whose plans were originally approved in 1884, was designed by renowned Hungarian architect Zsigmond Quittner. Its courtyard etchings and interior reliefs are praised as the work of Károly Lotz, while the wall fountain and sculptures on the facade are by Gyula Donáth.

Jake Lodge, Managing Partner of Limehouse Partners, the local operating partner spearheading the renovation, commented: “Residing in one of Budapest’s most sought after downtown locations, Krausz Palace will be renovated in line with the building original splendour, taking full stock of its heritage, and also achieve the highest 21st century standards for occupier’s functionality and comfort. We are elated that the Heritage Permit has been granted and that we can now move on with the realisation of the project.”