AEW Europe closes exceptional year in Budapest

AEW Europe a leading European real estate investment manager closed a successful year on the Budapest office market with a total of more than 8,600 sq m office space being leased in their three landmark assets in Budapest.

AEW Europe managing West End Business Center (WEBC), MOM Park Offices & Shopping Centre and EMKE Office Building in Hungary, and another 100 000 sq m office space across Central Europe is one of the biggest and most important players of the region’s property market.

WEBC, the 28,054 sq m GLA modern A category downtown office building attracted tenants for 2,643 sq m out of which the majority, 2325 sq m, were new leases. WEBC is currently over 88% occupied, well above the market benchmark level of 78%.

Among other international agencies, Cushman & Wakefield, the world’s largest privately-held commercial real estate services firm was one of the companies helping AEW Europe achieve its success as the co-exclusive letting agent of WEBC.

Thanks to Cushman & Wakefield, Trenkwalder Human Resource Consultants moved in to WEBC on 710 sq m in December 2012, and Euromedic Diagnostics will lease close to 1,000 sq m from the beginning of 2013.

Euromedic also appointed Cushman & Wakefield’s Project Management Department to carry out general office fit out works.

The global real estate services provider Jones Lang LaSalle is also a co-exclusive leasing agent on WEBC and exclusive agent on MOM Park Offices.

In the 18,500 sq m GLA, Central Buda located MOM Park offices, some 5,007 sq m of office space was leased during 2012 out of which 3600 sq m were new leases. New deals were: Electool 240 sq m, CLS Behring 221 sq m, Iveco 370 sq m, Group M 2437 sq m, CCC Shoes 322 sq m.

With the cooperation of Jones Lang LaSalle, a significant lease extension was signed by Young & Rubicam, a dominant player in the advertising industry, on more than 1,000 sq m. The property advisor company has also introduced GroupM, the Hungarian subsidiary of the global advertising and marketing group WPP, who moved its six companies (Mindshare, Mediacom, Mediaedge, Maximize, Maxus and Portland) to MOM Park Offices during the summer of 2012.

In the well known and perfectly located 12,500 sq m GLA EMKE office building deals were closed on 1,002 sq m, mainly renewals and a 100 sq m new lease.  Renewals were: Levis, Alma Consulting, Fleming and a new café for the ground floor.

Commenting on the success Isabelle Clerc, Head of Asset Management in Central Europe at AEW Europe added: “We are extremely happy to have closed such a successful year in Hungary. We are confident that despite the current economically difficult times our well located, outstanding buildings will attract more and more long term tenants and the empty space will lease up quickly.”