Orco Property Group has opened Luxembourg Plaza in Prague (LUX/CZ)

Orco Property Group has officially opened its key commercial project in the Czech Republic - Luxembourg Plaza office building. This modern complex is located in an attractive area of Prague 3, close to the Flora metro station and between the Vinohrady and ikov districts. Skanska CZ undertook construction of the project, which lasted from December 2004 to May 2006. Design services have been provided by the team of Miami based architects, Arquitectonica, and Cigler Marani Architects from Prague.

Luxembourg Plaza is a unique mixed-use project of 25 020 m² providing modern A-class office space, retail premises and underground car-park. Adjacent to the offices, the Luxembourg Plaza building also houses a 100% Orco owned Marriott Courtyard hotel of 161 rooms.

Ale Vobruba, Orco Property Group Senior Vice President, stated:
Over 80 % of the total project space is currently pre-leased at Luxembourg Plaza. New tenants include leading international companies such as: Exxonmobil, Burda, GTS Novera, Jan Becher Karlovarská Becherovka and the Hotel Marriott. Current vacancy-rate of the building confirms the long-lasting and quality cooperation that exists between Orco Property Group and its clients. It further highlights the current high demand for A-class office space in the centre of the city. The Luxembourg Plaza project fits perfectly into our portfolio and will become the new headquarters of Orco Property Group in the Czech Republic.

Tenants of Luxembourg Plaza will benefit from an excellent combination of modern architecture featuring impressive stone and glass facades, strong corporate identity, efficient A-class office space, synergies between hotel and office elements, one of the largest enclosed courtyard gardens in Prague, security systems and state-of-the-art building materials, technology and building management systems. The pleasant working environment is amplified by the brightness of the offices with views over the spacious courtyard garden and green parks in the surrounding area.

This is a project Skanska has certainly been pleased to work on, quite simply because we are dealing with a technically and architecturally interesting building, says Jiří Baata, executive director of Skanska Czech Republic Division of Structural Engineering.

Vincent Marani, partner of Cigler Marani Architects, adds:
The attractive exterior and interior building features are enhanced by the impressive facade made of stone and glass with inclined facade lines. The building surrounds an exceptionally designed interior garden courtyard. The accessible green internal garden will provide tenants and visitors with ample natural light, a relaxing and pleasant view from the offices as well as a place to simply sit back and take a break.

Luxembourg Plaza office development was a joint-venture partnership between Orco Property Group and TriGranit Development Corporation, two of Central Europes most successful property developers. The combination of collective shareholder strength, local market experience, design, project management and strong financial resources resulted in a highly successful joint-venture development. In January 2006, Orco announced a forward acquisition of TriGranit Development Corporations 50% share in a joint-venture for its Endurance Fund, for a price of €16 million. The project was financed by MKB & CIB Banks from Hungary.

Source: Orco Property Group

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