It is one of the most beautiful places in Budapest, located in Szabadság Square, in the 5th district. The immediate surroundings of the building are also the center of Hungarian political, economic and cultural life, with the Hungarian Parliament, the Hungarian National Bank, and other banking and administrative buildings. The palace was built in 1901 by architect Artin Meinig, and was renovated in 2010 by the owner of the property.