JP Morgan Asset Management has appointed Cushman & Wakefield as property manager for 43,000 m2 of office space in the Hungarian capital Budapest.
JP Morgan Asset Management has appointed Cushman & Wakefield as property manager for 43,000 m2 of office space in the Hungarian capital Budapest.
The portfolio comprises the office buildings Margit Palace and Terrapark which are owned by institutional investors advised by JP Morgan.
Cushman & Wakefield has also been named as the exclusive leasing agent across the portfolio which includes 26,215 m2 at Terrapark (Buildings A & B) and the 17,227 m2 Margit Palace office building.
Terrapark is an office park located on the periphery of Budapest which was built in 1999. Major international occupiers include Johnsson Diversey, Roche and Invitel.
Margit Palace is an office building located close to one of Budapest’s busiest bridges, the Margaret Bridge. Margit Palace is 90% occupied by tenants including Getronics and Avis.
Cushman & Wakefield, which has operated in the Hungarian market for 20 years, currently manages over 760,000 m2 of commercial real estate on behalf of various institutional investors. In 2012 the firm transacted a record 67,000 m2 within the office sector.
JP Morgan Asset Management is part of New York-listed JPMorgan Chase & Co, a global financial services firm with assets of $2.3 tln.
