BUDAPEST-The Hungarian unit of Austria’s Immorent is developing an office project, Laurus Offices, here for completion in 2011. One-third of the office complex is already leased to auditors and tax consultants BDO Forte.
The project is unique in its timing as it will be the only speculative office project entering the capital’s Pest market in 2011, said leasing agent CB Richard Ellis. Its location offers access both to the inner city and Ferihegy Airport. The office complex will have three buildings providing 161,000 square feet of grade A office space surrounding a garden, with an above-average ratio of green space.
Immorent is a wholly-owned subsidiary of Erste Bank Group and Sparkassen, and specializes in real estate related financing, investments and services. It has planned and completed more than 1,000 commercial and housing projects as well as public buildings since its foundation in 1970, operating in Austria, CEE and SEE.
Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.
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