Cushman & Wakefield and Eston International won prominent Budapest office leasing mandate

BudaPart – South-Buda’s new quarter on the Danube by the Kopaszi gát

Cushman & Wakefield international real estate advisor and Eston International are appointed with the leasing of Budapest’s newest and largest mixed-use development, located in the 11th South-Buda district, announced at a kick-off event for the major local leasing agencies. The two agencies will co-exclusively work together on the leasing of BudaPart office buildings.

BudaPart is constructed in the Lágymányosi-öböl, by the river at the magnificent area of the Kopaszi gát.

Upon completion, the project will comprise 300,000 sq m of office space, 200 apartments per phase, and supporting retail areas. The developer is now finalising the plans of several office buildings, the hand-over of the first phase can be expected in 2018.

Gergely Árendás, CEO at Property Market stated: „We are thrilled to be working together with Cushman & Wakefield and Eston International on the project. The vicinity of the waterfront, and being located in one of the most sought after office submarkets makes the BudaPart project inevitably unique. The residential areas accompanied by outstanding infrastructure and surrounded by the multi-phase, high quality, Danube view offices is attractive for future tenants and employees.”

Gergely Pados, Managing Partner at Cushman & Wakefield in Hungary added: “We are extremely proud that Property Market entrusted us with the leasing of BudaPart. The completion of BudaPart will double South-Buda submarket’s office space, which is much needed as the vacancy rate is at its lowest in 19 years, standing at 4.7 % with continuously rising demand. BudaPart will completely transform this currently unused 133 acre area into a dynamic, popular urban district. We are confident that our market knowledge and expertise will help us to quickly lease up this unique development.“

Adorján Salamon, Managing Director at Eston International commented: „We look forward to work on the BudaPart project. It is not only Budapest’s large-scale real estate development, but being familiar with Property Market’s objective, the building’s technical specification and design will offer unrivaled office solutions for future tenants. Our committed office leasing team enthusiastically awaits starting this fantastic mandate.”

Background information:

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Eston International

Eston International, celebrating its 23th anniversary in 2016, provides full range of property solutions to its clients, in all segments of business real estate. In addition to Eston’s agency, appraisal and consultancy services, the firm has already been involved in integrated property management since 2012. The company’s scope of activity spreads to all segments of commercial real estates from offices to warehouses and from retail units to investment and development properties. Eston International is a member of the Hungarian Real Estate Association (MAISZ) and the Budapest Research Forum (BRF); in addition to several professional awards (“Real Estate Agency of the Year”, “Best Cerean”, “Real Estate Appraiser of the Year” and BBJ’s “Best Real Estate Agency”) Eston was presented with the title Business Superbrands for the 7th time in 2016. In 2015, ESTON was acknowledged by the Iroda.hu group’s professional award “Office Transaction of the Year” for completing Nokia Networks’ 25 thousand square meter tenant representation assignment. For further information please visit www.eston.hu.

Property Market           

The goal of Property Market is to develop high quality real estate projects and creating sustainable added value for the owners of the developed properties. While doing this, it is our responsibility to improve the quality of the built environment. Property Market Kft is majority owned by Market Építő, Hungary’s leading general contractor. Property Market is the developer of BudaPart, one of the largest mixed use developments in Budapest. BudaPart is located in South Buda, on the Bank of the Danube and includes a 37 acre fully landscaped public park. South Buda is highly desirable location for both residential and office developments. BudaPart will house high quality offices, residential units and retail space. The multi phased development will be carried out in the next 8 to 10 years.