For those used to thinking of Quinlan Private Golub strictly as a developer or investor, it might come as a bit of surprise to read an announcement that it had just been awarded a property management job. And it’s not just any job. Bank Center is as plum an assignment as they come in Budapest. Arguably the most prestigious office building in the Hungarian capital, the building has suffered slightly of late merely as a factor of it age, and — some would suggest — underinvestment in its general image on the market. In other words, there’s substantial potential locked away in the building, which has as up-market a location as any in the city. At 30,000 sqm of office space, it’s also just a big hunk of building.
QPG, of course, has substantial management resources, as it already has a portfolio of upwards of 150,000 sqm. And in an environment that’s extremely unfriendly to developers, the steady cash flow provided by management is nothing to sneeze at. Market observers will connect the dots, realizing that there’s an existing relationship between the building’s owner, GLL, and QPG, the two having cooperated on IBC in Warsaw (which QPG still manages).