CBRE Now Provides Property and Operational Management of the City Tower Office Building in Pankrác
CBRE, the world’s leading provider of commercial real estate services, recently won the contract to manage the City Tower, one of the most prominent office buildings in Prague. CBRE signed an agreement with REICO CS investment company that manages CS real estate fund, the largest real estate shared fund in the Czech Republic as well as the new City Tower owner. CBRE provides the owner of the building with comprehensive integrated services connected to administering 42 thousand sq m of office space. In addition to property management, it is also responsible for technical and project management and securing exclusive leases.
City Tower, which was completed in 2008, is the second tallest building in the Czech Republic, offering lucrative Class A office space. The property is located in the popular Pankrác hub, which is one of the most important office areas in Prague after the city centre and the Budějovická area. This well-positioned, luxuriously equipped and highly representative office centre offers fully furnished office space, short term and long term leases, a reception area with administrative support, the possibility of registering corporate headquarters and many other services.
“City Tower is a truly landmark building in Prague. Winning this transaction further underlines the demand from institutional investors for our offer of truly comprehensive integrated services, which include property management, project management and exclusive office leases, allowing you to maximize the benefits and opportunities of this property.”
Tomáš Jandík, Chief Investment Officer of REICO investiční společnost České spořitelny says:
“The City Tower is the highest office building in Prague, one which requires the highest property management standards. By employing CBRE we seek to offer excellent and complex services to the benefit of existing tenants and our fund unit holders.
The building is in very good condition and has a current occupancy rate of 96%. The portfolio of services provided within the mandate given to CBRE includes not only property management and activities related to caring for and maintaining relationships with tenants, rent collection and providing repairs and maintenance, but also reception security services and more. CBRE also provides project management services.
City Tower is an icon due to its height, ranking among the skyscrapers on the local real estate market. The former Czechoslovak Radio building was completely refurbished with a modern design with highly technical and architectural standards, while placing emphasis on safety. The current form of Tower City was created in collaboration with the renowned and world-famous architect Richard Meier. In addition to its 42 thousand sq m of office floor space, it also offers 781 parking spaces in underground garages and its own car wash. There is also a luxury restaurant with stunning views of the city on the top floor.
"Winning this mandate was preceded by an analysis of the market potential and buildings in Prague 4, so our offer included complex and optimum solutions for our clients. CBRE already provides integrated services for its business partners and its team is very proactive in the area of leasing and negotiating of lease agreements in the Pankrác/Budějovická areas in Prague.”
CBRE Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). The Company has approximately 75,000 employees and serves real estate investors and occupiers through approximately 450 offices worldwide (excluding affiliates). CBRE offers a broad range of integrated services including project management; property management; investment management; valuation; property leasing; strategic consulting and research and consulting. In the Czech Republic, CBRE has almost 350 employees and manages nearly 70 commercial premises with a total area nearly 1.2 mil. sq. m. Read more at www.cbre.cz.