The building
History
Váci 1 is a UNESCO World Heritage listed building designed by Hungarian architect Ignác Alpár, and constructed between 1911 and 1915. During its first 105 years it had multiple and diverse uses. Its original purpose was to serve as the headquarters of the first Hungarian Bank (Pesti Hazai Első Takarékpénztár Egyesület), but it also accommodated stores on the ground floor and residential units on the top level. During the period of 1990–2005 the building was home to the Budapest Stock Exchange. Between 2005 and 2015 the ground floor areas with direct street access functioned as retail units, but the majority of the building stood empty, waiting for its renaissance.
In 2015 Horizon Development acquired the building with the intention to redevelop it for complex functionality, housing retail and office units, restaurants and bars. The developer authentically restored the building’s historic spaces and architectural elements: lead glass windows designed by famous art deco glass artist Miksa Róth, columns, tympanums, stone reliefs, tiles and mosaics, golden and marble surfaces, lighting fixtures. This created the most breathtaking setting for one of the largest and most exclusive H&M flagship stores worldwide. The mixed-use building – that elegantly combines heritage parts with modern spaces – opened its doors in Q2 2016, thanks to the coordinated professional effort of the design, project management, construction and sustainability divisions of the general contractor, DVM group.
Companies that call Váci 1 their home include H&M; Hard Rock Café; Szamos Gourmet Palace; DVM group (the company offering the most comprehensive range of integrated building services in Hungary); Horizon Development: the property developer known for its heritage restoration and modern architecture projects; worldwide provider of electronic payment solutions, Mastercard; internationally acclaimed online game developer Play’n GO; leading global real estate services firm Cushman & Wakefield; the innovation center of OTP LAB researching financial solutions for the future; and organizer of Hungarian Formula 1 races, Ostermann. The St. Andrea Wine & Skybar on the 6th floor offers the most spectacular panorama of Budapest: Vörösmarty Square, Fashion Street, the Parliament, the traditional retail location of Váci Street, the Budapest Eye, the river Danube and the Buda Castle.
Location and accessibility
Váci 1 is located in the central business and cultural district of Budapest, in the immediate vicinity of national monuments of historic significance, a high-end pedestrian shopping area (Fashion Street, Váci Street, Vörösmarty Square) and several 5-star hotels such as Kempinski and The Ritz Carlton. Deák Square, the ultimate transportation and meeting hub of the city center, is a one-minute walk from the Váci 1 building. 3 metro lines connect here, and further public transportation options range from bus and trolley to tram. A taxi stand is right next to the building. For the comfort of those arriving by car, parking spaces in the nearby parking garages are available for public use. Bicycle lanes in the area also offer the option of riding to Váci 1 in the most sustainable way. A wide range of services are available both in the building and within its close vicinity: department stores and smaller retail units, restaurants and cafés, hotels, banks, post offices, pharmacies, just to name a few. Due to its central location, the building is surrounded by all amenities imaginable, thereby reducing the need for extended travel and multiple car trips. The 5th district UNESCO World Heritage listed building is a tourist destination in and of itself, with its proximity to cultural and social attractions of downtown Budapest, and the beautiful river Danube.
Building services
- 24/7 reception and security
- external/internal video surveillance
- digital card entry system
- dual power supply
- wheelchair accessibility
- 11 energy-efficient elevators
- 6 retail escalators
- bicycle storage with lockers/showers
The building – with its office/retail/service functions included - is equipped for maximum safety and security. The highly efficient BMS (building management system) monitors, detects and notifies of all potential malfunctions. Inspections and maintenance are carried out once or twice a year.
Sustainable features
Light
- occupancy and daylight sensors
- energy-saving LED light fixtures in common areas
- increased overall light levels
- reduced heat island effect
Climate control
- energy-efficient HVAC system
- highly efficient condensing boilers
- biodiverse green walls in multiple tenant units
Water
- harvested groundwater is used for flushing toilets and urinals
- faucets and showerheads are equipped with built-in low-flow aerators for minimized water consumption
- separate metering on tenant premises
Recycling
- all-stage recycling is available and reinforced in the building (development, construction and operational phases)
Awards
EuropaProperty.com: CEE Wire Awards 2018
Budapest, Hungary
Office Project of the Year
FIABCI World Prix d'Excellence Awards 2017
Andorra la Vella, Andorra
World's Best Heritage Restoration Project
Europe's Best Retail Development
Office of the Year Awards Competition 2016
Budapest, Hungary
Property Project of the Year in Hungary
IPAX Global 2016
London, United Kingdom
Best Commercial Redevelopment in Europe
CIJ Awards Hungary 2016
Budapest, Hungary
Best Retail Development in Hungary
FIABCI Hungary: 18th Prix d’Excellence Awards 2016
Best Commercial Development in Hungary
Resource Property Awards 2016
Budapest, Hungary
Project of the Year in Hungary
European Property Awards 2016
London, United Kingdom
Best Commercial Redevelopment in Hungary
Best Mixed-Use Architecture Project in Hungary