PROJECT TEAM: Tippin Corp. and Newmark Knight Frank
LOCATION: Budapest, Hungary
SIZE: 500,000 sq. ft.
BUZZ: Tippin, a Toronto-based development firm, specializes in restoring historic buildings for new use and will undertake an extensive renovation on the building in July 2007. The New York and London offices of Newmark Knight Frank partnered to serve as advisor on the $21 million deal, which does not include the estimated renovation cost of $100 million.