Skanska sells the second phase of H2Offices in Budapest to ERSTE Open-Ended Real Estate Investment Fund

H2Offices is located in Budapest’s Váci Office Corridor, one of the city’s key business locations. The second phase will offer a total leasable area of approximately 22,000 sq m, all of which has been leased to a global blue-chip company under a 10-year lease agreement. This represents the largest speculative office lease transaction in the Hungarian office market over the past decade. The building is currently under construction and is scheduled for completion in the first quarter of 2027.

The project has been designed to achieve high energy performance through an efficient building design and the integration of renewable energy technologies, including four-season heat pumps and rooftop photovoltaic panels. The building design incorporates on-site renewable energy generation and enables the use of certified renewable electricity backed by Guarantees of Origin to support reduced operational carbon emissions. H2Offices Phase II is also targeting LEED Platinum, WELL Platinum and Access4You Gold certifications, reflecting its ambition to deliver high standards of environmental performance, wellbeing and accessibility. 

The lower-carbon materials are expected to reduce embodied carbon emissions by approximately 2,200 tonnes of CO₂ compared with a reference building of similar size built using conventional materials. For illustrative purposes, this reduction is comparable to taking around 500 cars off the road for one year. Lower-carbon materials are planned for use across the majority of the project, with suppliers required to provide Environmental Product Declarations to support transparency and performance verification. 

“We are grateful to ERSTE for once again placing its trust in Skanska. We highly value our long-standing partnership. The sale of H₂Offices Phase II, fully leased to a long-term tenant, reflects the strength of the project and continued investor demand for high-quality, sustainable offices in Budapest.” said Katarzyna Zawodna-Bijoch, President & CEO at Skanska’s commercial development business unit in CEE. 

“The acquisition of H2Offices Phase II is a natural continuation of our long-standing partnership with Skanska and further strengthens our portfolio of prime office assets in Budapest. The project combines an excellent location, a fully leased building with a long-term tenant commitment and leading sustainability standards, making it an attractive long-term investment for our investors. We are particularly pleased to continue our involvement in the H2Offices development following the successful acquisition of Phase I in 2023.", said Balázs Pázmány FRICS, Chairman of the Board at ERSTE Alapkezelő Zrt. 

Designed by Danish studio Arrow Architects, the second phase continues the Scandinavian-inspired architectural concept of H2Offices. Together, the first and second phases will include a 3,600 sq m landscaped garden with ponds and native and adapted plant species. The outdoor area will be open to the public, offering a place to relax or hold informal meetings. Once the full H2Offices complex is completed, the overall community space is planned to expand to 5,000 sq m. 

“We are very pleased to have completed our sixth transaction with the same investor, this time involving the second phase of H2Offices building in Budapest. Repeated transactions with the same partner are a strong testament to the trust and confidence built between us over the years. We highly value this long-term relationship and are delighted to have once again delivered a successful transaction together.” said Adrian Karczewicz, Head of Divestment at at Skanska’s commercial development business unit in CEE.  

H2Offices combines Scandinavian design with the heritage of the site, which was formerly home to the Budapest Waterworks headquarters. Once fully completed, the complex is planned to offer approximately 67,000 sq m of modern office space. 

During the sale process, Skanska was advised by Dentons and Tandax.