BUDAPEST-Canada’s Tippin Corp. has acquired the 500,000-sf former Exchange Palace building in the banking district here for $22.5 million with plans to invest another $80 million renovating the property for retail, office hotel and residential uses. Toronto-based Tippin is a development firm that specializes in restoring and reusing historic buildings.

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

Tippin chief executive Michael Tippin says his firm has offered to lease the building to MTV until July 2007, which he said should allow MTV sufficient time to find new accommodation. Shortly thereafter, 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. Newmark Knight Frank served as an advisor to Tippin Corp. in the government transaction. Newmark Knight Frank director Brian Rovell says the entire acquisition process took about a year to complete and required the combined efforts of Tippin and several advisors such as the law firms White & Case LLP and Hogan & Hartson LLP, and accounting firm KPMG.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.