ESG-Assessment for an office building in Budapest

ESG-Assessment for an office building in Budapest

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Published on: 29. May 2024

This beautiful building with its neo-renaissance façade was built in 1890. It first served as the residence of the Prime Minister then functioned as headquarters of a trade union and later as a confectionery school. Following a full-scale refurbishment of the building in 1999 a new wing was constructed. The classical and modern parts are linked at all levels; on the ground floor, there is a double-level high atrium topped with a glass roof. As an exception in the neighbourhood, the building possesses an underground parking with 124 spaces.

The owner of the building, an Austrian-based Pension Fund, asked for an ESG Assessment which we conducted between November 2023 and February 2024.

The mixture of the historical building structure with the new elements created some challenges for the ESG Assessment and the optimization of the operation.

However, together with the Facility Manager, we managed to reduce the Service Charges by almost 40 % and also convinced the owner to give his consent to reduce the prepayments on the Service Charge during the running period.

Because of the findings during the assessment, the owner was further able to save another 10 % of operational costs which in the end brought the building back into the market for offering office space with very favourable conditions.

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