"Construction of the Cornerstone Offices, developed by SBI R.E.D., has kicked off today in Budapest's 13th district, CB Richard Ellis, the exclusive representative of the office building has reported. Access of the facility will be exceptionally easy as it is located directly at the Forgách utca metro station.SBI R.E.D. is the affiliate of one of the world-leading real estate development companies, Housing & Construction Holding Group. SBI has “Club Aliga" Resort at Lake Balaton in its portfolio, among others. The developer has been active in Hungary for twelve years, and the Cornerstone Offices is its eighth project in a row.
József Tóth, mayor of the 13th district, welcomed the new addition to one of the most developed business quarters of Budapest, the so called ‘Váci corridor'.
Adrienne Konthur, Managing Director of CB Richard Ellis, among other advantages, highlighted that the A-class office building would be able to accommodate small and large tenants as well, with units ranging from 140 square meters up to 2,800 sqm on one floor.
CBRE is the letting agency of the building, and also a full-service property adviser for SBI.
Besides the office function there will be retail units on the ground floor, and the Cornerstone Offices will also feature a 250-sqm rentable conference hall. A green inner courtyard, panoramic roof terraces, as well as a restaurant and a café will enhance the quality of the working environment for the tenants.
The first phase of the building is expected to be handed over by the end of 2009.
SBI R.E:D.
The parent company of SBI R.E:D., Housing & Construction Holding Group has been active worldwide for more than 50 years in construction and development, including construction of infrastructure, industrial buildings, hotels, commercial and housing projects, educational institutions and hospitals.
SBI R.E.D. is widely involved in real estate development in Central and Eastern Europe (in countries like Czech Republic, Poland, Romania, Germany and Hungary), and has already built 80,000 square meters of commercial, office and residential areas in Budapest.
Among SBI’s real estate developments you find Új Udvar Shopping Center, Izabella Kert, Stefánia Ház, Újpest Irodapark, the apartment house in Rózsa utca and the Garden Ville project in Üröm. SBI R.E.D. is proud of its purchase of the well known “Club Aliga" Resort on the shores of lake Balaton. SBI R.E.D. is also soon to embark on two new residential projects in the outskirts of Budapest."
Source: Portfolio Online Financial Journal
30.07.2008