'First Site' Hotel And Business Complex Celebrates Its Topping Out

The building, exclusively represented by CB Richard Ellis, has almost 23,000 m² gross commercial floor space, including a hotel, a restaurant, offices and a shopping passage. This mixed-use development in the 5th district is one of the most noticed construction projects in the city that can give impetus to the rebirth of Kossuth Lajos street, the formerly prominent downtown high-street shopping destination.

The topping out ceremony of ‘First Site’ Hotel and Business Complex, celebrating the overall completion of the building's structure was held today on the site. At the event, Alexander Kaufmann, Managing Director of TerraConsult welcomed the guests, and Christian Traunfellner from UNIQA Real Estate introduced the project. On behalf of the Local Municipality, Károly Karsai, Deputy Mayor of the 5th district appreciated the development, then Adrienne Konthur, Managing Director of CB Richard Ellis International Property Adviser highlighted the advantages of the office function. Finally, István Sokorai, CEO of the constructor Arcadom concluded the speeches.

In addition to the ‘A ‘ class office of approx. 4,000 m2, a four star hotel of 190 rooms, managed by Spanish Hotusa Hotel, a restaurant, a medical and fitness center as well as several retail units will contribute to the ample palette of services. Despite the central location and the high standard of amenities, rents are at competitive levels and negotiations with many tenants are already in the final phases.

One of the exceptional advantages of the building is its outstanding parking ratio. While in the city center tenants have to rent approximately 100 m2 of office space to obtain one parking place in the garage, at ‘First Site’ underground parking lots are granted on average per 50 m2, but in some cases even from 30 m2. That is a great additional feature in an area with such a notorious lack of parking possibilities.

The developer paid special attention to preserving the valuable parts of the former building. The famous fountain from the foyer of Úttörő department store, a recognized artwork of the renowned Hungarian ceramicist Margit Kovács, is a protected art relic. It will be renewed and reinstalled in ‘First Site’ in its former glory, representing continuity.

The project was acquired by UNIQA Real Estate as investor in early 2006, the construction started in spring with an investment volume of approx. € 35 million. The building complex is expected to be opened by spring 2009.

Source and further information: „First Site Budapest”