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Diageo's major office lease renewal
8 Feb, 2011, Budapest, Hungary
DIAGEO?S MAJOR OFFICE LEASE RENEWAL
Global real estate consultant Cushman & Wakefield (C&W) has successfully represented Diageo, the world's leading premium drinks business with an outstanding collection of international brands across spirits, wine and beer, in their office lease renewal on 8,290 sq m in West End Business Center (WEBC) owned by AEW Europe, one of the leading European real estate asset and investment managers.
In addition to the 8,290 sq.m office space Diageo has also renewed their contract for 99 parking spaces.
Gergely Pados, Head of Office agency at C&W Budapest said: "After surveying the market and analysing various alternatives we have managed to secure Diageo a long term lease in WEBC with competitive market conditions."
David C. Carter, Corporate Property Director at Diageo commented: "We are happy with C&W's contribution to the lease renewal in West End Business Center. We chose to stay in our existing office space, since the building meets all our real estate needs and offers a perfect working environment for our 700 employees at an appropriate cost. The extension of the lease also reflects Diageo?s ongoing investment and commitment to Hungary."
Isabelle Clerc, Head of Asset Management for Central Europe at AEW Europe added:
"Diageo is
one of our biggest and most important tenants at West End Business Center. This
transaction
proves to us that the building is of high quality, competitive and suitable for accommodating
major global companies like Diageo."
West End Business Center offers an excellent location within the newest and largest inner-city business district in Budapest. Located on Váci út, a major traffic artery, it is only a few steps away from Nyugati tér. The complex consists of 3 separate 8 storey-buildings comprises a total of 43,500 sq.m, including 29, 000 sq.m of high quality offices and a number of ground floor retail units.
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