The Beaux Arts monumental building served as headquarters for state television MTV for decades.

Canadian company Tippin Corp. bought the building from the state in 2006 and leased it back to the state-run MTV until 2009.

The 50,000m2 palace is the largest privately owned historic landmark in Budapest.

Tippin Corp.’s Hungarian subsidiary Tõzsdepalota Ingatlanfejlesztõ will be in charge of the reconstruction work and places great importance to preserving its style and historical value but it will use glass-steel solutions in parts of the building that are damaged, napi.hu writes.

Once the reconstruction is finished, Jones Lang LaSalle will lease 26,000m2 of A+ category office space and 6,000m2 upscale retail facilities. Tenants can expect a monthly €18-25/m2 fee.

Source: Hungary Around the Clock

This news item is one of many published daily by HATC, a premier subscription news service which distributes English-language info about Hungary via email or fax. For a free trial of HATC visit www.hatc.hu and click on 'Free Trial Subscription’.