Budapest’s historic Exchange Palace, a landmark building on Szabadság Square, is poised for a major renovation after decades of neglect. Work is expected to begin imminently, addressing critical structural issues and paving the way for a significant transformation of the former television headquarters.
The building, officially known as the Tőzsdepalota, was acquired in December 2024 by Liberty Alpha Ingatlanbefektető Kft., a vehicle linked to the Diorit Private Equity Fund. The fund, with a reported value of 50 billion Hungarian Forint, has received substantial investment from the Hungarian Development Bank (Magyar Fejlesztési Bank Zrt.), reportedly under the guise of strengthening the national economy.
The ownership structure of the fund is deliberately opaque, with the Gránit Asset Management firm overseeing its operations. Due to its principal owner, Gránit Bank, the investment is widely associated with István Tiborcz, a businessman and the son-in-law of former Hungarian Prime Minister Viktor Orbán. The BDPST group, however, routinely deflects categorizing the property as part of a Tiborcz empire, stating that “the property was purchased by a company owned by the Diorit Private Equity Fund managed by Gránit Asset Management, which operates under the direction of independent professional management.”
The impending renovation addresses a building that has fallen into serious disrepair during nearly two decades of vacancy. Sources indicate the initial phase will focus on removing dangerous additions and structural instabilities, posing risks to workers entering the site. A photograph accompanying reports shows significant deterioration of the building’s facade and interior.
The project is being overseen by architect Gábor Zoboki, whose firm has been tasked with developing the renovation plans. The estimated cost of the complete overhaul is projected to reach between 70 and 80 billion Hungarian Forint.
The acquisition and planned redevelopment of the Exchange Palace represent a significant shift for a building with a complex history. Originally constructed in 1905, the Beaux-Arts style structure served as the center of the Budapest Stock and Commodities Exchange for decades. Later, it housed the headquarters of Hungarian State Television before being abandoned in 2009.
Gránit Asset Management has stated its intention to restore the building to its former glory, transforming it into a “dynamic symbol of Budapest’s rich heritage and bright future.” The company, led by Álmos Mikesy, has emphasized the building’s “huge business potential” and its commitment to preserving its historical character. Mikesy, in a LinkedIn post, described the acquisition as an opportunity to “breathe new life into a landmark and contribute to the vibrancy of downtown Budapest.”
However, the path forward remains uncertain. The primary challenge now lies in determining a sustainable and commercially viable new function for the building. Gránit Asset Management has indicated that defining this new role is the “first and most important step” in the renovation process. The company has been monitoring the building’s fate for years, recognizing its potential but acknowledging the complexities of revitalizing such a historically significant and structurally compromised property.
The renovation is occurring alongside broader constitutional changes and economic announcements in Hungary, as noted by recent reports. The revitalization of the Exchange Palace is being presented as a positive development, showcasing the preservation of Budapest’s architectural heritage. The project’s success will likely be viewed as a key indicator of the government’s commitment to urban renewal and attracting investment to the city center.
The long-term impact of the renovation remains to be seen, but the project signals a renewed focus on restoring Budapest’s iconic landmarks and revitalizing its historic core. The building’s transformation will undoubtedly draw attention, both domestically and internationally, as a symbol of Hungary’s evolving urban landscape.
