CBRE has been given a new mandate for the management of a retail, office and residential building in Wenceslas Square in Prague, where Van Graaf department store is the majority tenant. The change of the building manager occurred as part of its sale. The new owner is a fund managed by BMO Real Estate Partners, part of the Bank of Montreal.
CBRE provided the purchaser with consulting services and the purchaser entrusted CBRE with the role of the new property manager, as well as leasing coordination services. This instruction is the eighth one that CBRE Asset Services has acquired this year.
The current portfolio manager, BMO Real Estate Partners, purchased the property
from MTK Developments. CBRE has been entrusted with managing the building, which was formerly run by the original owner, since the end of September. The new owner is a core fund that wants to keep the property long-term. The majority lease tenant Van Graaf signed a new lease agreement valid until 2045.
The Van Graaf building, located on Wenceslas Square 834/17 in Prague 1, has a total rentable area of almost 12,500 sqm and it is fully occupied at this time. The majority tenant Van Graaf uses more than 8,000 sqm retail space and 350 sqm of offices, and warehouse space in its underground floors. On the remaining seventh floor there are only offices leased to smaller law and consulting companies, while there are housing units currently managed by one operator for short-term rentals to tourists on the top eighth floor