GE Hungary takes major lease in East Gate business park

GE Hungary's energy division has leased a total 6,300 m² of space at the East Gate Business Park (EGBP) that is being developed in Budapest by Wallis Real Estate Zrt. GE was advised by global real estate consultant Cushman & Wakefield.

The company will occupy some 3,300 m² of warehouse and manufacturing space and another 3,000 m² of office accommodation in the built-to-suit facility, which will be handed over in the fourth quarter of 2008. GE, which already had a lease agreement for 3,100 m² of space in another building at the East Gate, will move into the new property when completed later this year.

East Gate Business Park (EGBP) is a modern business and logistics centre on a 36-hectare site. Total investment for the 140,000 m² warehouse and office area will come to HUF 22 bn (EUR 83 mln). The park serves the needs of multinational companies, light-industrial and manufacturing enterprises engaged in logistics and warehousing, as well as logistics service providers. Major existing tenants include Volán bus, Phoenix Pharma and Philip Morris Hungary.