Ultra low-cost airline Wizz Air has relocated its headquarters to Millennium City Center office park in Budapest. The company secured an 8,000 sqm of office space in a landmark office deal. The lease agreement was concluded for long term with very flexible conditions. Newmark VLK Hungary provided tenant representation to execute this transaction.
In a landmark lease transaction, Wizz Air moved its staff to the Millennium Tower. which is part of Millennium City Center premium office park by the river Danube in Budapest. The airline has set up its new headquarters by renting out the entire South Tower with state-of-the-art interiors and services to improve employee comfort. The company has its own, separate entrance and reception, a dedicated modern dining and catering area and a unit of a leading café chain, while a modern fitness centre is also available in the area.
"We tried to find a vibrant and rapidly developing location for the client. Millennium Tower is an excellent property as it is surrounded by a lot of services and the building itself offers many amenities. It already functioned as a company headquarters, so a significant part of the fit-out could be retained, a more cost-effective approach could be used to arrange the final interior space, which is an important aspect for a tenant which is a low-cost airline," said Valter Kalaus, managing director of the real estate consulting firm, Newmark VLK Hungary which spearheaded the transaction, representing the tenant.
He added that only a few new projects have been launched in the Budapest office market over the past three years, most of the contracts are extensions and there are very few suitable office buildings among those already operating where such a large company headquarters can be established according to the modern standards and requirements. In addition, the flexibility of the lessor has extended to the point that it can also provide additional space for the future expansion of the airline should there be a demand for it.
"We are delighted to be moving our corporate headquarters to an office building with such outstanding facilities. The new premises will give Wizz Air, Europe's fastest growing airline, a central hub to foster collaboration, community and innovation to strengthen its low fare leadership position. I am sure that the modern environment and easily -accessible downtown location will be appreciated not only by our existing and new colleagues, but also by our partners, while serving our continuously growing and expanding airline for many years to come.” - said Ian Malin, Chief Financial Officer of Wizz Air.
About Newmark VLK Hungary
Newmark VLK Hungary, a Newmark Global Partner, is a member of the Newmark Global Network, based in Budapest and led by Valter Kalaus. Newmark VLK Hungary delivers value for clients in the office, retail, industrial, hospitality and leisure property markets. The group, initially formed in 2008, leverages Newmark’s (Nasdaq: NMRK) global platform, with revenues in excess of $2.5 billion for the trailing twelve months ending December 31, 2023, operating from over 180 offices with approximately 7.300 professionals around the world, offering a comprehensive suite of services that seamlessly powers every phase of the property life cycle. To learn more about Newmark VLK Hungary, please visit: nmrk.hu.
ABOUT WIZZ AIR
Wizz Air, the fastest growing European ultra-low-cost airline, operates a fleet of 206 Airbus A320 and A321 aircraft. A team of dedicated aviation professionals delivers superior service and very low fares, making Wizz Air the preferred choice of 60.3 million passengers in 2023. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ. The company was recently named one of the world's top five safest airlines by airlineratings.com, the world's only safety and product rating agency, and named Airline of the Year by Air Transport Awards in 2019 and in 2023. Wizz Air has also been recognised as the "Most Sustainable Low-Cost Airline" within the World Finance Sustainability Awards in 2021-2023 and the "Global Environmental Sustainability Airline Group of the Year" by the CAPA-Centre for Aviation Awards for Excellence 2022-2023.