Category Archives: office

AkzoNobel takes 700 sqm at Building Beta – BB Centrum

AkzoNobel is moving its Czech headquarters to Building Beta in BB Centrum in Prague 4. CBREImage worked with the landlord (CBRE Global Investors) on the transaction, the company is due to move in on June 1. “AkzoNobel have taken advantage of the landlord´s current keen interest on leasing the available office space at Beta and have as such been able to lease good quality office space in a BREEAM certified building,” says Bert Hesselink, head of Office Agency at CBRE. Other tenants at the beginning include Marks&Spencer, Goodyear Dunlop Tires, Areva, Spar, Česká obchodní společnost and others.”


Savills lands Commerz Real assignment

Tulipan House

Savills announced it has been selected to manage two Warsaw office buildings, Harmony Office Centre and Tulipan House, by the German fund Commerz Real Investmentgesellschaft. Its team will work with the buildings’ existing occupiers and will assist in finding new tenants for remaining vacant space. Harmony Office center is a 19,267 sqm building almost entirely leased to Millenium Bank, while  Tulipan House, an 18,600 sqm office building in Mokotów, currently has 1,302 sqm available for new tenants. For both properties Savills property management team will coordinate technical services, commission work and repairs, manage rent and service charges and monitor insurance issues.

Skanska sells City Green Court to DEKA

The German property fund DEKA Immobilien has landed one of the major transactions for 2012 in Prague, the City Green Court building by Skanska. The building hasn’t even opened yet, but it’s basically fully leased at this point, including a mouth-watering 10-year lease to PwC, which is abandoning its long-time downtown headquarters. City Green Court is the first office building in the Czech Republic to have been pre-certified as a Platinum LEED project. The transfer of the property will take place towards the end of the year, but will be recorded in Q2 2012. The transaction, in which CBRE represented Skanska,  went through at a price of €53.7m.

Orco sells Radio Free Europe building to L88

Orco Property Group has announced the sale of the Radio Free Europe building in Prague to a subsidiary of the L88 Companies (, for what it describes as an overall transaction value of USD 94m, “which is at DTZ valuation after taking into account all taxes on the transaction.” At the closing L88 handed over $80m in cash, $2m in concessions and a $12m note convertible “into a 20% stake in the parent company of the entity acquiring the building.”

The companies have also created a strategic alliance to develop and build a broad based building platform for the U.S. Department of State. After successfully concluding the development and sale of the Radio Free Europe building, “Orco is pleased to enter into this transaction with the L88 Companies and looks forward to working with the L88 Companies in the development of premium standard buildings for the U.S. Government. The Strategic Alliance for this broad based platform is a natural progression for Orco as it looks to new development opportunities following its successful financial restructuring,” stated Jean-François Ott, OPG’s President & CEO. Salans advised the vendor in the transaction.

Main Point Karlin comes up big in Cannes

We suspect the PSJ Invest team that’s still down in Cannes will have spent the night celebrating, seeing as their project Main Point Karlin took the Best Office Development at the MIPIM 2012 Awards. The PSJ team, complete with a pair of long-legged lovelies,  was literally on the sidewalk in front of the Palais des Festivals,  handing out brochures to exhibition visitors in an attempt to win the public vote. While they weren’t expecting to win, they did seem determined to give it a go. We’re less surprised by the result, as it simply confirms the winner of the same category at the CIJ Awards Czech Republic.  Congratulations!

UniCredit to finance AFI Business Park Cotroceni

AFI Europe has picked up €13.4m in financing from UniCredit Bank Austria, which it needed to get construction going on AFI Business Park Cotroceni in Bucharest. AFI Business 1 is the first of five class A office buildings the developer hopes to build that would add 70,000 sqm to Bucharest’s office stock. “We are impressed with the bank´s responsiveness and their ability to deliver the financing under the current tough market conditions,” said AFI’s CEO David Hay.

Nordica Ostrava picks up two

Skanska Property has concuded a pair of office leases at Nordica Ostrava. United Energy Coal Trading took 155 sqm of space at the environmentally certified building (the country’s first) while Grafton signed on for 340 sqm. UECT, which trades energy commodities and by-products, is scheduled to move in by the beginning of 2012, while recruitment solutions specialist Grafton will make the jump by December 1.
“Ostrava was the strategic location for our headquarters due to our activities in the region. The location of the Nordica building has excellent links to public transport and main roads, this contributed to our decision to set our new offices in this building,” says Tomáš Novotný, Executive Director of United Energy Coal Trading.