The largest real estate deal of 2011: Nokia Siemens Networks Hungary extends lease in City Gate
CB Richard Ellis (CBRE) announced today that after several months of negotiations Nokia Siemens Networks Hungary renewed the lease of nearly 13,000 square metres of office space in the City Gate office building owned by CA Immo.
In the largest real estate deal of 2011 the Finnish-German Nokia Siemens Networks Hungary renewed the lease of nearly 13,000 square metres of office space in the City Gate Office Building in Budapest.
The deal is unique in the Hungarian real estate market this year not only because of its size but also because it managed to fulfil the special needs of Nokia Siemens Network Hungary: the increasing technological requirements and long term maintainability of the second largest R&D centre in the Central and Eastern European region were the most important issues during the negotiations.
“We are extremely pleased with the agreement.” – declared Róbert Ésik, Managing Director of Nokia Siemens Networks Hungary Kft. “As a result of the negotiations the NSN employees will be able to focus on their innovation activities in a pleasant and modern environment so that we can become even more successful members of the information and telecom world.”
“The City Gate Office Building has always been known in the Budapest real estate market for its good central location, and now that one of our most important partners decided to extend its lease it will spur us further to make the office building even “greener” with efficient and cost-effective technological solutions. Our goal is to maintain long term business relationship with our partners, which is one of the top priorities of the newly established local CA Immo team” – added on the side of the landlord Ede Gulyás, Managing Director of CA Immo Hungary.
During the negotiations CBRE was the exclusive lessee representative of Nokia Siemens Network, providing full consulting service to its client from the sizing up of the market, all the way to finalizing the contract. “The representation of complex renter requirements and the supply of the competitive office market gave us a great opportunity to show how we can do the very best for our client. We also took active part in the coordination of the full project team – including project management, property management and legal representations. We are glad that with this agreement Budapest took a new step in the direction of becoming the leading R&D centre of the region.” – commented Judit Varga, Associate Director of CBRE.
Nokia Siemens Networks’ legal council during the negotiations was provided by Benedek Kovács, real estate partner of Kajtár Takács Hegymegi-Barakonyi Baker & McKenzie law firm.
