Futureal agrees 25,000 m2 lease with Nokia on Budapest project

Hungarian developer Futureal said on Thursday that it has found a tenant for its 25,000 m2 Corvin Promenade office project in Budapest.

The Hungarian branch of Nokia Networks is leasing the project in one of the largest office lettings in the city since the onset of the financial crisis, Futureal said in a statement.

'Following a year-long tender process Nokia Networks selected the Corvin Promenade to house their new headquarters,' it added.

The office building was designed by architects Zoboki-Demeter and Associated Architects, and is expected to be delivered by the end of 2016. It will be home to Nokia Networks Global Technological Centre, becoming one of the largest IT and telecommunication R&D centres in Hungary.

Corvin Promenade is one of the largest urban development projects in CEE, encompassing 50,000 m2 of office space, 1,100 residential units, 40,000 m2 of retail accommodation and a 3,000 m2 fitness facility.

The entire project is expected to be completed in 2018-2020.