Futureal to develop new KPMG headquarters in Budapest

Hungarian developer Futureal said it has won a contract to develop accountancy firm KPMG’s new built-to-suit headquarters in Budapest. KPMG will occupy half the 20,000 m² office building to be located on the Vaci út office corridor, right above a metro station. The 10-year lease will commence in 2014.

The building will target a BREEAM Very Good level of green certification. ‘We strive to set an example for very close cooperation between a tenant and a landlord and to develop a signature building for both KPMG and Futureal,’ said Tibor Tatar, CEO of Futureal Management.

KPMG was advised throughout the selection process and the deal by ConvergenCE, a developer, investor and asset manager of office buildings in Central Europe.

The KPMG HQ is the third new project Futureal has started this year after Nova Park, the EUR 120 mln shopping centre joint venture in Poland and Cordia Sun Resort, a 300-unit residential project in its flagship urban renewal project Corvin Promenade in Budapest.

Futureal recently announced plans to invest EUR 100 mln of equity in development partnerships over the next two years to jumpstart stalled projects across Central and Eastern Europe. Futureal has a team of over 100 real estate professionals and EUR 1.6 bn of projects.

'We realised we needed to have a different strategy going forward: partnerships,' Futureal CEO Gábor Futó told PropertyEU. 'We believe there are a number of great projects out there that lack either equity or a little bit of development energy or capability, which Futureal can provide.’