Orco Property Group, a leading investor, developer and asset manager in the Central European real estate and hospitality market, announces that the company has successfully delivered the second phase of its project in the center of Prague Palace Archa on time.
The company owns the whole property which consists of five buildings and a courtyard, including two historical buildings designed by renowned architects Josef Goèár and Frantiek Marek in 1930's. The project totals approximately 22,500 m² of leasable office space and 1,300 m² of retail premises in the passage connecting the Na Poøíèí and Na Florenci Streets, as well as 120 underground parking places. The total investment was approximately €57 million.
Orco has transformed the building into a modern multifunctional project. The reconstruction was carried out in two phases. The construction works were completed as planned and did not affect business services of the CSOB bank which keeps their previous premises. The first phase totaling 9,300 m² was officially delivered on March 20 while the occupancy permit of the second phase totalling 14,830 m² was received in May 2009. Amongst the tenants are Robert Half International, Roland Berger, Dunovska and partners and Starbucks Coffee. The passage represents the entertainment part of the project and provides the visitors with an opportunity to enjoy their leisure time in the Archa theater.
"We are very happy that despite of the difficult environment on the market we are still able to keep our commitments and follow needs of our clients," says Stepan Jirout, Senior Development Manager of Orco Property Group.