Futureal Group sells Advance Tower I to Erste Real Estate fund
The Hungarian developer Futureal Group has sold Advance Tower I, it's office building on Vaci ut in Budapest, to Erste Real Estate fund. It's the first of two office buildings in the WELL pre-qualified complex, with the second building potentially to be acquired as well under a forward deal. Advance Tower 1 was occupied last year by tenants with 1,400 employees including KPMG Global Services and Thermo Fisher Scientific. The project's 8,000 sqm GLA second phase will bring the complex's total leasable space to over 20,000 sqm. It will be handed over in the second half of 2019. Futureal Group's CEO Tibor Tatar noted the deal was his company's second with Erste Investment Fund. "The acquisition of Vision Towers and Advance Tower proves the high standard of quality of Futureal Group’s developments that we will continue to guarantee for our partners in the future." He said the company would continue to develop WELL Building standards, since the health of employees in the building had to be prioritized during planning.