Designed by famous Hungarian architect Ingatz Alpar andcompleted in 1906, the Art Nouveau landmark building sits on 2.3acres facing Freedom Square Park, near the Parliament and DanubeRiver. MTV, the national television station of Hungary, currentlyoccupies the entire building.

Tippin chief executive Michael Tippin says his firm has offeredto lease the building to MTV until July 2007, which he said shouldallow MTV sufficient time to find new accommodation. Shortlythereafter, Tippin Corp. will begin reconstruction of the property,which he expects will be completed within about two years.

The seller was the State Privatization and Holding Rt. NewmarkKnight Frank served as an advisor to Tippin Corp. in the governmenttransaction. Newmark Knight Frank director Brian Rovell says theentire acquisition process took about a year to complete andrequired the combined efforts of Tippin and several advisors suchas the law firms White & Case LLP and Hogan & Hartson LLP,and accounting firm KPMG.