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July 7th, 2008
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ORCHARD First-phase construction of the office and hotel complex The Orchard, which begins construction in Ostrava earlier this year, will be completed ahead of schedule, the developer announced. The first administrative building with 12,000 square meters (129,167 square feet) of office space will be available Oct. 1. The Orchard development consists of three, seven-story office buildings, totaling 36,000 square meters of space for lease.

COURTESY PHOTO
Orco won Best Developer Award for its Avenue Gates Project in Budapest.
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SHOPPING  Brumlovka shopping and sports center has opened at BB Centrum in Prague 4. The anchor tenant of Brumlovka is the modern wellness and fitness center Balance Club Brumlovka, which occupies more than 80 percent of Brumlovka. The building offers 5,000 square meters of rentable space, as well as 190 parking places.
RANKING Cushman & Wakefield is among the 100 top firms to work for in the United Kingdom, according to an annual ranking by London’s Sunday Times newspaper. The firm also said that its Portugal office recently placed first in the Best Places to Work in Portugal 2007 ranking. The Portuguese labor and social affairs minister presented the award.
PROMOTIONS James Chapman, Jan Kotrbáček and Jiří Kristek have been promoted to the position of associate partner at Cushman & Wakefield. Kotrbáček heads a team focusing on unit leases in city centers. Chapman heads the Capital Markets Group team. And Kristek heads the Retail Warehouse team that focuses on leasing large-area retail units.
HOCHTIEF Hochtief Development Czech Republic has been granted final building permission for its Trianon project in Prague 4. Construction work will begin later this year, the company said. Hochtief Development says it plans to build an office and retail complex with an area of approximately 23,000 square meters on an 8,000 square meter site located at the corner of Budějovická and Vyskočilova streets.
PROLOGIS ProLogis announced it will significantly expand its industrial platform in the Czech Republic, acquiring more than 48 hectares (119 acres) to support development of two new master-planned industrial parks totaling more than 185,000 square meters of modern distribution space. The first park, to be called ProLogis Park Ostrava, is located in the city of Ostrava.
PLAZA The Plzeň Plaza project, a shopping and entertainment center, is scheduled to be completed this November. Work on the connecting 450-spot parking structure is also moving forward. Construction was postponed for a few months out of concern there might be an old Jewish cemetery on the site. The center will cover a total area of 27,000 square meters — with more than 19,500 square meters of rentable space — spread over three floors.
AWARD Orco Property Group received the Best Developer Award in the residential category for its Avenue Gardens project in Budapest. The developer received the award June 4 during the Central Europe Property & Investment Fair, which took place in Warsaw. Developers were honored in six categories, including office, shopping center, warehouse/logistics center, residential, hotel and revitalization.
ACQUISITION Orco Property Group announced it successfully acquired the City Gate building in Bratislava. It is a former VUB Bank building located between Gorky and Laurinska streets. On the ground floors, Orco plans to develop a modern shopping center and exclusive restaurant. The second floor will be dedicated for A-class offices. The remaining floors will be used for residential units and luxury apartments. Completion of the reconstruction is planned for the end of 2008.
RENT The most expensive industrial space is located in the Prague region. Tenants pay up to 70 euro per square meter per year, according to an annual report by Cushman & Wakefield. “Rents are falling thanks to continuing huge construction and growing competition among developers. Today, 17 developers offer modern industrial space to let here. “Five years ago, there were only six of them,” adds Ferdinand Hlobil, head of the Central European industrial team at Cushman & Wakefield.  


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