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Exchange Palace Trades; $80M Renovation Planned

BUDAPEST- Canada's Tippin Corp. acquires the 500,000-sf building from the State Privatization and Holding Rt. The company plans to renovate the well-located property for retail, office hotel and residential uses.

By Brian K. Miller | Updated on February 24, 2006

BUDAPEST-Canada’s Tippin Corp. has acquired the 500,000-sf former Exchange Palace building in the banking district here for $22.5 million with plans to invest another $80 million renovating the property for retail, office hotel and residential uses. Toronto-based Tippin is a development firm that specializes in restoring and reusing historic buildings.

Designed by famous Hungarian architect Ingatz Alpar and completed in 1906, the Art Nouveau landmark building sits on 2.3 acres facing Freedom Square Park, near the Parliament and Danube River. MTV, the national television station of Hungary, currently occupies the entire building.

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