CEE developer GTC has acquired a new development project in Budapest, on Váci út 85 close to Budapest’s Central Business District.
The project is located adjacent to GTC Hungary’s Center Point Office Buildings 1 and 2, and will be entitled Center Point 3. The development will add approximately 35,500 m2 gross leasable area of office and commercial space to the already existing Center Point Office Campus. GTC aims to form an enlarged Campus of approximately 78,000 m2, all in one city block.
The Váci Corridor, where the project is located, is currently the city’s largest and most popular office submarket, comprising more than one quarter of the total office building stock in Budapest.
The GTC Group is a real estate investor and developer focusing on Poland, as well as Central and Eastern Europe. It has annual revenues of over €42.4 mln. Since 1994, it has developed office and retail properties comprising a total area of over 1.2 mln m2. The firm now actively manages a commercial real estate portfolio of 42 commercial buildings, providing nearly 700,000 m2 of lettable office and retail space. It also has a development pipeline of properties for nearly 400,000 m2.
