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ORCO sell HQ building on Andrássy út |
27th October 2008
A notable transaction was going on the investment market of Budapest in October 2008, when ORCO Group, represented by Colliers International, concluded an investment sale with Stena Realty BV (part of the Stena Group, Sweden) represented by Jones Lang LaSalle.
The Andrássy 70 office building is one of the most prestigious addresses in Budapest, located on Andrássy Avenue. The building, dating back to 1880 was originally constructed as a private mansion but converted and extensively refurbished to category A offices more recently. The building forms part of the urban area of the city covered by UNESCO World Heritage protection. The nearly 3 000 sq m office building includes ORCO Property Group, CIB Bank and the traditional Lukacs Café as its main tenants.
In a market showing restricted investment activity during 2008, the transaction demonstrates that during the turbulent financial times, a flight to prime typifies existing buyer sentiment.
Source: Colliers International, Jones Lang LaSalle
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