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9th March, 2018

Historic bourse building’s renovation to start

The renovation of the historic stock exchange building on Szabadság tér in Budapest’s Fifth District could start this year, Canadian property developer Tippin Corp. said on Thursday.

The developer, which specialises in renovating historic buildings, purchased the Stock Exchange Palace in 2006.

New York City-based architectural firm Beyer Blinde Belle has prepared the renovation plans.

The building was erected in 1897-1907 based on the plans of architect Ignác Alpár. It hosted the Budapest Stock Exchange until 1948. It became the headquarters of the Hungarian state television MTV from 1955. MTV vacated the palace in 2009. It has been empty since then.

Tippin and Luxembourg-based asset manager Optimum have obtained the construction permit. Commercial property management services firms JLL and CBRE will be letting the 22,000m2 office space and 8,000m2 retail floor.

The four wings of the building will be renovated one-by-one, with the Nádor utca wing scheduled to open first, at the end of 2019.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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