EMKE awaiting renovation, new agency responsible for leasing

GVA Robertson signed an exclusive contract for letting EMKE Office Building owned by PBW Property Found, managed by AEW Europe. EMKE is facing an overall modernization.

The Budapest based team of GVA Robertson with its significant experience and market knowledge provides a full range of consultancy support for its clients in all areas of the office and retail property market.  The company has many years professional experience in the fields of making feasibility studies, consultancy support, valuation, project financing as well as property sales and leasing.

AEW Europe is one of the leading European real estate asset and investment managers. Together with AEW Capital Management in the United States and Asia, AEW Europe and its regulated subsidiaries – AEW Europe LLP, NAMI-AEW Europe and AEW Europe SGP – form a global real estate platform with more than €36 billion in assets under management (of which €18.6 billion is in Europe). AEW has over 30 years experience in the management of real estate funds and separate institutional mandates with 500 employees in 13 locations around the world, including head offices in Boston, London, Paris and Singapore. AEW’s innovative investment strategies are research-driven and rigorously controlled for risk, with implementation carried out by professional teams in its extensive network of local offices on the ground. The company is operating 3 office buildings in Hungary.

EMKE Office building built in 1994 belongs to AEW Europe Asset Management portfolio. The building is situated in the most frequented place downtown (district 7, Teréz Blvd. and Rákóczi Street). The building offers 12.500 leasable area on 9 floors. ‘This agreement with AEW Europe is a very important assignment in our company’s life’ – commented Róbert Papp, Director of Office Department. We are pleased to work on this project since EMKE has a great location and it is going to through a full modernisation. According to our analysis and western experience we expect increase of demand after the normalisation of the present economic situation to which new developments will be able to react only in about 2 years. Based on international observations the solution could be the modernization of vacant office buildings with favourable aptitude and great location.

AEW Europe would like to pay extra attention to architectural reconstruction and reforming office areas as well as common areas. Parallel to the modernization a new café will be opened on the ground floor, moreover green plants will be placed in the lobby in order to creating a more friendly atmosphere. The refurbishment of the building will include the full renewal of HVAC system and all main mechanical equipment according to the modern technical expectations.