TriGranit, one of the leading, fully integrated real estate platforms in Central Europe, and Heitman LLC, have completed the sale of the Millennium Towers office complex to CA Immo. TriGranit, the developer of the asset remains property manager of the office complex.
TriGranit, which is owned by TPG Real Estate, sold the Class A 70,400 sqm complex, comprised of four office buildings within the Millennium City Center in Budapest, Hungary, for €175 million. The transaction is one of the largest ever office deals in the Hungarian market, by both value and gross leasable area.
Millennium Towers was developed by TriGranit between 2006 and 2011. After developing the project during the economic crisis, Trigranit quickly positioned the complex as one of the most popular headquarters for large, multinational companies, such as Vodafone, Morgan Stanley, Oracle, K&H Bank, Lexmark and Nestle.
In 2011, an affiliate of Heitman LLC acquired a 74 percent share in Millennium Towers.
“With this project, we turned a brownfield site into a flourishing new city district and created unique office spaces in the real-estate market in the middle of the economic crisis. We continue to see great potential in the Hungarian office market. TriGranit is working on a new office development project in Hungary, the Millennium Gardens development, which would be located on a site by the bank of the Danube, close to the future Congress Centre at MÜPA and the National Theatre. Future development on the site would provide over 35,000 sqm of office space and over 600 parking spaces for future tenants,” said Árpád Török, CEO of TriGranit.
“With the sale of the Bonarka City Centre, and now the Millennium Towers office complex, TriGranit continues to demonstrate its ability to identify unique opportunities, and then develop such sites into top quality assets, which appeal to blue-chip clients,” said Michael Abel, Managing Director of TPG Real Estate.