Restoration of Landmark Building in Budapest Approved for Construction

Tippin Corporation has received the official construction permit for Exchange Palace located in Budapest, Hungary. The restoration and adaptive reuse project will involve a total investment of EUR 130 million and is projected to be completed by 2014, delivering 35,000 sqm of luxury office and retail space.

The original splendor of the Beaux Arts landmark building will be restored in a unique and contemporary style designed by the New York firm Beyer Blinder Belle Architects & Planners, in cooperation with Canadian-Hungarian architect CMA International. The Hungarian monument was designed by the famous Hungarian architect Ignác Alpár.

Originally built in 1905 to house the Budapest Stock Exchange, the building hosted the Institute of Marx, Lenin & Engels, and the Hungarian National Television. Exchange Palace was purchased by Tippin Corporation in 2006.