News

Central and Eastern Europe’s regional provider of top financial services – OTP Bank – set up a new, 450 sqm research and development center in the prestigious downtown building of Váci 1. The innovative office features a special education center, project rooms and a lecture hall. OTP LAB (OTP Bank’s retail innovation hub) started its activities on the 4th floor of the UNESCO World Heritage listed building in December 2017.

Attila Kovács MRICS – Managing Partner of the developer Horizon Development – commented on OTP’s move to Váci 1: “We are absolutely delighted to welcome OTP in our historic building, where we managed to flexibly and elegantly accommodate the Research & Development function of OTP LAB into the historic setting of this 1915s building. The office solutions we provide to OTP LAB are all in line with 21st century sustainability and technical criteria, and the environment we offer is that of an authentically renovated neoclassicist palace.”

Zsuzsa Vajnai, Asset Manager of the property’s owner (Munich-based global real estate fund manager group GLL Real Estate Partners) highlighted: “OTP LAB is a most welcome tenant in our newest asset, Váci 1. GLL’s extensive portfolio in Budapest is known for its high quality prime buildings offering excellent standards and services to their tenants, and that is exactly the level of service we plan to provide to OTP LAB, with the help of Horizon Development managing the building.”

Váci 1 is a design-and-build project of DVM group, with its design, project management, environmental consultancy and construction units all playing an important part in the 2015 revitalization of the building. The current occupancy rate of Váci 1 is 100%, with the upcoming move of its last tenant planned for April 2018.