Tippin Corporation will complete a EUR 100m renovation of Budapest’s Stock Exchange Palace, the former home of state television broadcaster Magyar Televizio, at the end of 2011 at the earliest, CEO Michael Tippin said at a press conference on Wednesday.
The renovated building will have 51,000 square metres of office and retail space, said John H Beyer, a partner at the architect’s office planning the renovation. When the project is completed, only the entry and foyer on Szabadsag Square will remain in its original condition. The exterior style will be preserved, but 80pc of the interior will be gutted.
Michael Tippin established his company in 1996 with the sole purpose of renovating listed buildings. So far, the company has completed 16 projects, investing some 1bn US dollars. It bought the former Magyar Televizio headquarters for HUF 4.5bn, a fraction of the cost of renovating it.