Park Atrium – the iconic headquarters building leased to Deloitte, ING and Roche – was sold last week in what represents one of the most significant recent transactions for the Budapest office investment market.
The German-based Asset Manager Corpus Sireo – on behalf of one of their managed accounts – has purchased the building from Accession Fund managed by GLL Real Estate Partners for an undisclosed price believed to be in excess of €50 million.
Park Atrium is an architecturally contemporary office building located in the Central Pest submarket of the Hungarian capital. Constructed in 2004 and comprehensively refurbished in 2015, the property comprises 25,450 sqm of GLA arranged over ground and 7 upper floors, with the benefit of 375 secure parking spaces. Park Atrium has an impressive tenant retention record and boasts LEED ’Gold’ Certificates for the interior design of Deloitte and ING’s premises.
This is a key transaction in a Central European investment market that continues to gather momentum; international investor appetite is growing strongly in Budapest for well-managed, institutional-quality office assets with a proven track record of strong leasing success, and Corpus Sireo’s acquisition of Park Atrium typifies those opportunities now being actively sought by core risk-averse buyers looking to re-enter the Budapest office market by acquiring assets offering defensive and long-term income stability.
Lakatos Köves, CBRE and Colliers represented the vendor in the transaction, whilst Baker & McKenzie and Cushman & Wakefield advised the purchaser.