The modernisation of Krausz Palace on Andrássy Avenue, close to the Hungarian State Opera House, is nearing completion. High-end luxury brands are interested in the building, as well as technology sector companies looking for rental office space in central locations.
Both modern and respectful of heritage
The renovation of the palace has been challenging, but is expected to be completed by the end of January 2023, following a one-year renovation. Thanks to this project, an office building with modern, high-quality retail functions will be created in one of the most attractive neighbourhood of Budapest, the VI district.
The building works included the removal of slabs and the replacement of systems with modern mechanical equipment. Jake Lodge, project director of Avison Young Hungary, told epitesihirek.hu what was involved in creating this modern, high-end office building. He pointed out that they did not shy away from the manual method of choosing materials.
In addition to being able to afford to sell out, they have also been able to ensure the long-term aesthetics of the building on the Budapest real estate market by selecting the best experts. He emphasised that when it came to the careful repositioning of such a prestigious building, they did not compromise.
“Our main task was to preserve the heritage values of the building, such as the frescoes of Károly Lotz and the frontage. We offer future tenants a combination of modernity and historical tradition.”
Suitable for modern businesses
There is a strong interest in the building. Both the office floors and the ground floor retail space are attractive to, for example, embassies, financial and legal advisor and emerging technology companies. Therefore, premium city centre offices similar to Krausz Palace are now in the spotlight for such companies. They benefit from the proximity of the city centre and the prestigious office buildings on Andrássy Avenue.
By the end of January 2023, the renovation will be completed and practically the whole building will be renewed. The renovations will transform the Krausz Palace into a commercially vibrant and premium commercial property suitable for modern businesses.
The history of the palace
In 1884, royal councillor and politician Lajos Krausz commissioned architect Zsigmond Quittner to build a three-storey home for his family. Erected in 1885, the palace was home to many entrepreneurs, doctors and politicians, along with the family. In 1912, the building was purchased by the Budapest Commercial Board. The Krausz Palota became the property of the Budapest Police Headquarters after the Second World War.
The total office area is 4,600 m2 on 5 floors and it has an internal ceiling height up to 4.4 m. Its location on the tree lined Andrássy Avenue is encompassed by neo-classical buildings built over a 20 year period and has been classified as a UNESCO World Heritage site. People can use many types of public transport to get there, such as buses number 9, 15, 16, 105,100, 979. You can find all the means of access on the palace website. Over the years, important high-end brands opened on the avenue such as Gucci, Louis Vuitton, Rolex, Guess, and Apple.
Source: epitesihirek.hu, krauszpalota.hu
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