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News Release

Prague

GlaxoSmithKline extends lease in Business Centre Vyšehrad


Prague, 26th May 2009 – The Jones Lang LaSalle Tenant Representation department assisted GlaxoSmithKline, one of the world’s largest pharmaceutical companies, in renegotiating a lease for 3,100 sq m in the building of the Congress centre in Prague- Business Centre Vyšehrad.
Petr Kareš, Head of Tenant Representation, Jones Lang LaSalle commented: “GlaxoSmithKline selected Jones Lang LaSalle as a partner to conduct extensive research on the office market and a detailed analysis of the available lease offers. Our goal was to protect the business interests of our client during the negotiations and based on the results, come up with the most profitable option for renting office space, whether it be in their current building or in entirely new office premises. The leasing conditions negotiated by Jones Lang LaSalle within Business Centre Vyšehrad became so advantageous that GlaxoSmithKline made the decision to stay in the building.“     

Business Centre Vyšehrad is a modern office complex, offering 10,000 sq m of office, 1,200 sq m of retail and 600 sq m of storage space for long-term lease.

Jan Mechl, Senior Consultant at Jones Lang LaSalle adds: “Office rent costs are companies’ largest expenses. For this reason and given the current economic situation, businesses turn to us requesting a solution that would lower these costs. Investing in a specialist in the field is surely worthwhile. A client is forced to deal with similar challenges only once every five years on average and, hence, does not have access to sufficient market information, nor the knowledge of the potential pitfalls of a lease and is not aware of the cost minimum that can be achieved. The Jones Lang LaSalle Tenant Representation team has access to such information and is backed by the extensive experience of its experts.”