The plans for the building are being prepared and it will take two years to build, Mr Tippin said. The investors behind the project include a number of U.S. universities, he added.
When the project is completed, the building, which was last home to public television broadcaster Magyar Televízió, will have 51,000 metres of office and retail space, said project planner John H. Beyer of New York's Beyer Blinder Belle architect's office.
The exterior of the building will remain unchanged, but 80 percent of the interior will be gutted. The main entrance on Szabadság Square will keep its original form, but the stock and commodities trading floors were long ago converted into studios and other space necessary for Magyar Televízió. The trading floors, which Beyer compared to "basilicas", will be converted into five floors of office space. Shops, a restaurant and a café will be at street level. On the roof of the building, a broadcasting tower built in the 80s will be replaced with a glass observation dome.
Tippin Corporation, which was established by Tippin in 1996 to renovate landmark buildings, bought the Stock Exchange Palace from the state for HUF 4.5bn - a token price compared to the cost of renovating the structure. The company has invested some USD 1 billion in 16 projects. In 2006, Tippin Corporation shifted its focus to Central and Eastern Europe. It has ongoing projects in Berlin and the Baltic states.
Canadian ambassador to Hungary Pierre Guimond said Canadian companies had so far invested CAD 1.5 billion in Hungary.
Photo: Tippin Corporation
