GLL Real Estate Partners bought Škoda Palace, the seat of Prague’s city administration, from Guyana Holding Sarl. The Prague magistrate signed a 20-year lease on 23,000 sqm of office space in the historic art deco building on Jungmannova street in 2006. The deal is considered one of the most striking examples of bad contracts signed by the city, which pays CZK 200m annually in rent. In 2006, the building was completely reconstructed to meet the needs of the magistrate. GLL, based in Munich, has been active in the CEE region since 2004. Its CEE property portfolio is worth €1.2bn and includes two buildings in Prague: Diamant on Wenceslas Square in Prague 1 and Anděl Park B in Prague 5-Smíchov.
