International law firm CMS and the European Investment Bank (EIB) have leased office space in the newly renovated Palác Dunaj building in the historic centre of Prague. The total occupancy rate now reaches almost 80%. Only one floor of offices and retail units on the ground floor remain vacant, where negotiations with potential buyers are already underway.
“We are pleased that we have managed to attract other prestigious tenants to Palác Dunaj. The concluded long-term lease agreements confirm not only the high quality of the entire project in terms of architecture and sustainability, but also its attractiveness for tenants from among renowned companies and organizations,” comments Jaromír Zahrada, asset manager at Zeitgeist Asset Management.
The European Investment Bank, a financial institution of the European Union owned by its 27 member states, will thus complement other major European institutions that are moving into the building. These are the domestic Representation of the European Commission and the European Parliament Office, together with an interactive centre for the general public. Their fit-outs were completed together with the commissioning of the entire Danube Palace last November. At the moment, modern technology is still being installed in the “Experience Europe – Europa Experience” public area, which will offer visitors a range of virtual elements to introduce them to Europe in an attractive and entertaining way. The launch is planned for April this year.
Another major tenant will be the law firm CMS Czech Republic, which has signed a long-term lease for the top two floors overlooking Prague Castle. CMS is one of the first foreign law firms to open in the Czech Republic. With over 30 years of experience in the local market, it offers its clients extensive expertise and knowledge of the local legal and business environment.
The process of moving the first tenants is already underway. At the same time, the fit-out for the Czech Bar Association is also about to start and the finishing works on the atrium and roof are continuing and will be handed over in the second phase of the approval in May this year.
“Adolf Foehr’s architecture continues to be a respected example of 20th century Constructivist design, but has been given a contemporary sheen with new technologies contributing to greater energy efficiency and long-term sustainability. The Danube Palace is gradually becoming a modern work and social centre in the heart of Prague, giving the whole area an added dimension. Our thanks go to our tenants who are making a significant contribution to the new chapter of this exceptional building,” comments Peter Noack, CEO of Zeitgeist Asset Management.
Palác Dunaj is located on the corner of Národní and Voršilská streets in the centre of cultural events near the National Theatre, the Slavie café and the Academy of Sciences of the Czech Republic. Zeitgeist Asset Management bought the original 100-year-old building for a German pension fund in 2017 from the construction company Eurovia, which had been based there since 1958, and promised to modernise it while preserving its historical value. This was carried out under the direction of international architectural firm Chapman Taylor and general contractor Geosan Group. Cushman & Wakefield is leasing the space.
