The international law firm Salans has advised ORCO Property Group on the sale by its subsidiary of the Radio Free Europe/Hagibor office building in Prague to a subsidiary of the L88 Companies (www.l88llc.com), an American-owned business. The transaction value was approximately US $94 million (approx. 74 million).
The Salans team advising ORCO Property Group was led by Stewart M. Middleman, Head of Cross-Border Transactions for Salans' Global Real Estate Group. He was supported by a team of five GREG cross-border property lawyers.
"After successfully concluding the development and sale of the Radio Free Europe building, ORCO is pleased to enter into this transaction with the L88 Companies and looks forward to working with the L88 Companies in the development of premium standard buildings for the US Government.
"The Strategic Alliance for this broad based platform is a natural progression for ORCO as it looks to new development opportunities following its successful financial restructuring," stated Jean-François Ott, ORCO Property Group's President & CEO.
Evan Z. Lazar, Co-Chairman of Salans' Global Real Estate Group commented: "We are pleased to again assist our long-term client, ORCO, with closing successful transactions."