Wing has announced the sale of the Honvéd Center office buildings in the Central Business District of Budapest to Greve Honvéd Kft, a subsidiary of Hamburg-based Greve Group, for an undisclosed amount.
The project spanning 6,500 sqm comprises two buildings: One is a classical listed building with a restored turn-of-the-century facade concealing well-appointed, modern offices and imposing interior spaces reflecting the building’s original appearance. The other is a modern office tower that provides six floors of high-quality office space, underground parking and a newly renovated reception area.
The seller was represented by Szécsényi & Partners and iO Partners, while the buyer was supported by Taylor Wessing Braner, Ódor és Társai Ügyvédi Iroda. The transaction is expected to close in mid-December.
“As tenants enter into long term rental agreements for the space that they require, investors in turn recognize the long-term value of these assets. This transaction is proof of a functioning office market for both developers and investors,” says Noah Steinberg, Chairman and CEO of Wing.
The seller aims to use the funds released by the sale to finance further real estate activities.
Wing is a key property player active in Germany, Poland and Hungary, with 5.5 million sqm of floorspace in its development portfolio.
