News Article C&W Czech Republic Office Prague Zeitgeist
by Property Forum | Office

Zeitgeist Asset Management has obtained tenants for their building in the historical centre of Prague. The international law firm CMS and the European Investment Bank (EIB) have rented office space in the newly renovated Palác Dunaj building on Národní třída in Prague.

The European Investment Bank, which is the financial arm of the European Union owned by its 27 member states, will join other EU institutions that are moving into the building. These are the European Commission's Representation in the Czech Republic and European Parliament Liaison Office together with an interactive centre for the general public. Their fit-outs were completed together with the opening of the entire Palác Dunaj last November.

Another significant tenant will be the law firm CMS Czech Republic, which has signed a long-term lease agreement on the top two floors with a view of Prague Castle.

The first tenants are already moving in. At the same time, the fit-out for the Czech Bar Association is being prepared and finishing work is continuing on the atrium and roof, which will be handed over in the second phase of the construction in May of this year.

The total occupancy has now reached almost 80%. The offices and retail units on the ground floor of the building remain vacant, though negotiations with potential tenants are already underway here as well. 

Palác Dunaj is located on the corner of Národní and Voršilská streets in the centre near the National Theatre, the Slavia Café and the Academy of Sciences of the Czech Republic. Zeitgeist Asset Management bought the original 100-year-old building for the German pension fund in 2017 from the construction company Eurovia, which had its headquarters here since 1958, and promised to modernise the building while preserving its historical value. This took place under the direction of the international architectural firm Chapman Taylor and the general contractor Geosan Group. The leasing of the space has been arranged by Cushman & Wakefield.

“We are pleased that we have managed to get prestigious tenants for Palác Dunaj. The concluded long-term lease agreements do not only confirm the quality of the entire project in terms of architecture and sustainability but also its attractiveness for tenants from renowned companies and organizations,” commented Jaromír Zahrada, Asset Manager at Zeitgeist Asset Management.