AEW Europe experiences outstanding success with office leasing during summertime

2010.10.16 12:51

EMKE, West End Business Center and MOM Park attract tenants despite challenging market conditions
Against the odds of a rather moderate office market activity in Hungary, AEW Europe, the leading European real estate investment manager, experienced exceptional leasing activity of its assets throughout the summer. Asset manager of over 57,000 sq m office space in Budapest, AEW Europe, with the assistance of its two co-exclusive leasing agents, DTZ and Jones Lang LaSalle, has recently concluded deals in each of the three buildings of its local portfolio; MOM Park Offices on the Buda side, West End Business Center along the popular Váci corridor by Nyugati square, and EMKE office building at Blaha Lujza Square.
Three companies chose MOM Park Offices for their new office location: Wildhorse, an alternative energy company focusing on developing underground coal gasification projects in Central Europe; Triumph, the famous manufacturer of women's underwear and Grain International, committing to over 600 sq m of office space. “MOM Park offices offer an excellent mix of prime location, accessibility, quality space, ample services and competitive pricing. MOM Park Shopping Center, also part of the mixed use project, offers a wide range of additional services and amenities, not typically found in a standard office project” – commented Franciska Horvath, Head of Office Leasing at DTZ.
The third biggest cinema network in Europe, Cinema City and DM – Drogerie Markt, one of Europe’s most popular drug stores moved into  West End Business Center, occupying altogether 1000 sq m in the A category office building that  is located in the most popular office submarket of Budapest, ‘Váci Corridor’. “The recent 1,100 sq m expansion of Ernst and Young proves that West End Business Center manages to create a convenient work environment with competitive price to value ratio, retaining one of its largest international tenants, having high expectations” – commented James Berry Head of Transactions at Jones Lang LaSalle. The expansion was negotiated by Jones Lang LaSalle on behalf of the tenant.
The occupancy of AEW Europe’s third asset in Budapest, EMKE office building increased as well, after Yves Rocher, a worldwide cosmetics and beauty brand choose the building for its new headquarter.
Isabelle Clerc, Head of Asset Management Central Europe at AEW Europe commented: ”AEW Europe is delighted to welcome its new tenants and highly appreciates its existing tenants who are continuing to expand and extend their lease terms within our assets.  We trust this is a sign of AEW Europe’s commitment to continuously improving the management and appearance of our portfolio throughout the region. We trust this will be even more visible after the ground floor lobby and common area refurbishment works of all of the office buildings are completed, while we also seek to continuously improve the overall services offered.”  

Source: Jones Lang LaSalle