Colonnade Insurance is to move to the Balance Loft office building on Váci út in downtown Budapest, according to a press release sent to the Budapest Business Journal.
The Fairfax Group-owned Colonnade entered the domestic retail and corporate insurance market with two acquisitions in 2016, and commissioned CBRE at the beginning of this year to find a modern and easy-to-reach office for its employees.
The process was supported by CBRE’s technical team, also delivering project management services in the further phases of the fit-out, according to the press release.
Colonnade eventually opted for the newly refurbished "A"-category Balance Loft office building owned by CPI, where the insurance company will rent an entire floor.
"The campus-style Balance Loft office building surrounded by a green area serves Colonnadeʼs growth strategy well, and the timing and the scale of the second stage of the Balance Office Park’s development are both ideal for a future expansion," said Judit Varga, CBREʼs head of office agency. "Furthermore, the unique loft office space promotes the company’s image, too. Váci út is indeed a suitable spot for a dynamic company as it is Budapestʼs dominant business center, where many company headquarters are located," she added.
After closing the Colonnade transaction, Balance Loft, the second phase of the Balance Office Park development, already stands at 75% office occupancy, two months prior its completion, the press release stated.