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December 4th, 2008
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Real Estate Headlines

September 19th, 2007 | Current Issue

J&T Real Estate heads to the suburbs
Company's much-touted Prosek Point office project is scheduled to wrap up by June 2009

Merging old with new
Erick van Egeraat opens architecture exhibit in Old Town

Low-energy housing hits south Bohemia
Borová Lada project reportedly is first of its kind in the Czech Republic

Galleries Louvre sprouts up in Radlická
Project part of Mayfield's development in Prague 5

Projects

New jewel shines in Old Town
Shimmering Hotel Perla opened its doors to the public in August

Decor

BRIEFS


GROWTH Cushman & Wakefield’s Prague office has seen significant expansion and this July saw the 100th employee joining the office. Firm officials say they plan to increase this with an additional seven recruits in Prague before the end of the year. Recently, Michalea Nohejlová and Kristina Navarová joined as junior negotiators in the industrial and retail departments, respectively, while Aleš Nečas was appointed in a similar role in the Capital Markets Group.

WAREHOUSE SEGRO announced it has leased a 3,300-square-meter (10,827-foot) warehouse unit to direct marketing company Česká mailingová společnost. The unit is part of SEGRO’s new warehousing scheme currently being developed at Prague’s Tulipán Park and forms part of a building that includes 15,000 square meters of warehouse space plus 2,000 square meters of office space. This building, finished in February, and is now more than 80 percent leased.
ACQUISITION The Endurance Office and Retail Fund, managed by Orco Property Group, and Passerinvest Group, announced the successful acquisition of Building E in Prague’s BB Centre. Building E, an “A Class” office building, includes approximately 14,600 square meters of office space and 1,000 square meters of storage. In addition there are also more than 300 underground parking places available. The entire property is currently leased to ČEZ.
REPORT King Sturge has released its report on the Hungarian commercial property market. The research covers all commercial property sectors detailing rents, land values and investment yields among other indicators. Among other things, the report found that retailer demand remains strong, particularly from the international grocery and retail warehousing operators.  In addition, the report also shows that demand for logistics space has remained strongest in Budapest.
ŠKODA ORCO Property Group announced it acquired Škoda Palace, an administrative building in Prague 6. ORCO acquired the building from an undisclosed foreign investor, and plans to reconstruct the entire property as “A Class” office space. The 14,000-square-meter Škoda Palace, located next to the Hradčanská metro stop, is currently being occupied by the Škoda company. The investment is estimated at 19 million euros ($26.3 million/524.6 million Kč).
SOLD ORCO Property Group announced all housing units in the second phase of residential project Plachta in Hradec Králové have been sold. The second phase included eight buildings with 279 housing units. Almost all flats have a terrace or a balcony. On the ground level of two of the buildings there is space available for shops or a restaurant.
SZCZECIN White arkitekter AB and RKW Poland will design Orco Property Group’s first housing project in Szczecin, Poland. White, a Scandinavian design office, will be responsible for the sustainable concept design and subsequent supervision during the design development and construction process. RKW Poland will be responsible for preparing the building permit application and detailed design, and in addition, the author’s supervision onsite, ORCO announced.
AWARD MaMaison Residence Belgická, a part of the MaMaison Hotels & Apartments portfolio, has been awarded the Environmentally-Friendly Service Certificates Award, by Environment Minister Martin Bursík. The award ceremony took place earlier this summer in Národní dům na Vinohradech. Eva Šibřinová, general manager of MaMaison Residence Belgická and Han C. A. Brouwers, COO of MaMaison Hotels & Apartments were on hand to receive the award.
AIRPORT Cushman & Wakefield will help Letiště Praha s.p. put together an assortment of services and products to be offered at the Prague-Ruzyně International Airport. C&W and Letiště Praha want to focus on creating a good tenant mix, including a chemist’s, baggage shop, baggage repair, dry cleaning, financial institutions and travel agencies.
OFFICES The Endurance Office and Retail Fund, managed by ORCO Property Group, announced it acquired the Arena Corner Office Centre in Budapest from developer Raiffeisen Ingatlan Zrt in July. The “Class A” building consists of three towers interconnected with independent entrances designed by Lukács and Vikár Architects, a leading Hungarian architectural firm. The final stage of the construction was reached in June 2007 and the building was handed over in August 2007, by general contractor CFE.
OVERVIEW Total office stock in Prague now stands at 2,103,000 square meters and comprises 68 percent “Class A” offices, and 32 percent “Class B” offices, according to a report released by real estate adviser DTZ. The highest levels continue to be accommodated in Prague 4, followed by Prague 1, while the lowest stock levels are currently in Prague 9.
POLAND ORCO Property Group announced it has received a valid building permit for its newest residential investment project in Poland. The development consists of nine four-story buildings with 283 apartments. The project will cover a total of 18,535 square meters. It is located in the Targówek District of northern Warsaw, bordering the Brodnowski Forest. Residents will have access to underground parking with building lifts, as well as individual storage compartments in the garages and buildings.
UPDATE Construction of Prague 4’s Kavčí Hory Office Park, under development by HOCHTIEF, is going smoothly, the company reported. The office park, designed by Michal Gabriel, is going up on an approximately 20,000-square-meter site near the intersection of Pujmanové and Na Hřebenech II streets. Some 700 parking spaces will be available on the underground floors.
ŽIŽKOV Discovery Group has appointed the international architect studio Hamiltons to oversee its newest redevelopment project in Žižkov. Based in London, Hamiltons Architects studio has been actively involved in the redevelopment and rejuvenation of numerous inner-city, deemed “brownfield,” sites across the United Kingdom and Europe. The first phase of the Žižkov project will include a retail and leisure center with residential aspects.

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