New Work, a Hungary-based serviced offices provider, has leased 2,620 sqm of office space at Coral Office Park in Prague 5. It will be New Work’s first location in Prague but should soon be followed by an additional two. New Work intends to occupy four floors plus while running a conference and meeting center in Building D at Coral Office Park. The four-building business center was recently refurbished by its owner Portland Trust. The transaction was brokered by Tri-C Investments.
“With this lease we will take advantage of the increasing need for serviced office solutions in the Prague office market. It’s our first property in Prague with an excellent location in a Class A Office Building. We believe in the stability and sustainability of the Prague Office market and therefore aim to extend the Prague portfolio to 3 or 4 locations by the end of 2019,” said Hubert Abt, CEO, Property Systems Group.
New Work provides fully furnished and equipped office space with full administrative and maintenance support. Clients of New Work are usually small to midsize companies with 10 to 50 employees along with start-ups. It’s part of the Property Systems Group and operates 12 locations in Budapest, Kiev, Prague and Warsaw with a total of 28,000 sqm. New Work plans to expand its business to over 45,000 sqm by end of the year 2018 in all major capitals in CEE.
Portland Trust is also active in office development in the Romanian capital of Bucharest on projects such as Oregon Park and EXPO Business Park. Tenants at Oregon Park Building B now include Deloitte Audit Services (10,500 sqm) Viavi (1,200 sqm) and Alten Group (2,600 sqm).
