- BlackRock will initially lease 3,500 sq. m with GTC White House with an option to extend the lease to 7,700 sq. m
- GTC White House, a modern class A office building, is currently being developed by GTC in Budapest, Hungary
- Total leasable area of the building is 21,500 sq. m
BlackRock, the world’s largest asset manager, have signed a lease for 3,500 sq. m at GTC White House, an office building presently being developed by GTC Hungary and due for completion in Q1 2018. The agreement was concluded with an option to extend the office area up to 7,700 sq. m, starting in April 2018.
BlackRock has opened an innovation and technology center in Budapest and the company found itself in an immediate need for high-quality office space. GTC Hungary has come to the aid offering a flexible solution and providing an interim office space at Duna Tower in four phases reaching 3,500 sq. m by Q3 2017. GTC Hungary acquired Duna Tower in November 2015 and carried out a complete refurbishment, including all common areas and the technical equipment.
“We were extremely thorough while selecting our Budapest office as we wanted it to reflect the innovative culture of the company. GTC White House ticked all the key boxes for us including location, building infrastructure and amenities, as well as capacity to accommodate future growth. We were not only looking for an office building but also wanted to establish a long-term partnership with GTC Hungary as the developer and landlord”, commented Melanie Seymour, Managing Director and Head of BlackRock Budapest.
GTC White House is a modern A-class office building offering 21,500 sq. m GLA. The state-of-the-art project features exhilarating, uplifting green architecture, including an entirely refurbished turn-of-the-century stand-alone loft of 2,000 sq. m. GTC White House is scheduled for delivery in Q1 2018.
“‘I am delighted that BlackRock have chosen Hungary and GTC White House as a permanent home for their Innovation and Technology Centre in Budapest. This is a major step forward for GTC in Hungary and compliments our development strategy in the region. GTC Hungary are offering BlackRock the utmost flexibility in their office occupation in a truly wonderful property and we are proud to be a part of their success”, added Robert Snow, Managing Director GTC Hungary.
“Cushman & Wakefield is very proud to have represented BlackRock in this significant office transaction and we look forward to our continued cooperation”, added Gergely Pados, Managing Partner Cushman & Wakefield Hungary.
BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At March 31, 2017, BlackRock’s AUM was $5.4 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. As of March 31, 2017, the firm had approximately 13,000 employees in more than 30 countries and a major presence in global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company’s website at www.blackrock.com
ABOUT GTC WHITE HOUSE
GTC White House in Budapest is a class A office building with a total leasable area of 21 500 sq. m and 299 underground parking places. The modern project features exhilarating, uplifting green architecture including an entirely refurbished turn-of-the-century stand-alone loft of 2,000 sq. m and a green roof. GTC White House is being built to a LEED Gold standard and will be delivered in Q1 2018.
ABOUT GTC AND GTC HUNGARY
The GTC Group is a leading real estate investor and developer focusing on Poland and three capital cities in Eastern Europe. Since 1994 GTC has developed 65 high standard, modern office and retail properties with a total area of over 1.1 million sq. m through Eastern Europe.
GTC now actively manages a commercial real estate portfolio of 35 commercial buildings providing nearly 550,000 sq. m of lettable office and retail space in Poland, Budapest, Bucharest, Belgrade and Zagreb. In addition, GTC has a development pipeline of more than 300,000 sq. m retail and office properties in capital cities of Eastern Europe, thereof 128,000 sq. m under construction.
GTC has implemented a dividend policy with a pay-out ratio of 65% of its FFO.
GTC S.A. is listed on the Warsaw Stock Exchange and included in the WIG30 index and inward listed on the Johannesburg Stock Exchange. The company’s shares are also included in the Dow Jones STOXX Eastern Europe 300 Index.
GTC Hungary is a subsidiary of GTC responsible for all its operations in Hungary. It was established in 2000 and since then has developed 85,900 sq. m of A-class office space in Budapest. Today, GTC Hungary manages the office space totaling 117,200 sq. m in four projects: Centerpoint, Spiral, GTC Metro and Duna Tower, and is developing two state-of-the art office projects: GTC White House and City Tower, which will enlarge its high quality office portfolio by another 64,000 sq. m.